Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: As some vessel owners might say, this is not funny anymore. It has been a brutal month and start to the new year. The past week delivered more economic pain to the shipping industry as rates continued to slide lower. Now, the industry must face the upcoming slow period as we move through the Lunar New Year holiday. The Capesize market received news that Vale would decommission 10 dams in Brazil due to safety concerns and, by doing so, take 10 percent of their iron ore production offline. This will obviously be detrimental to cargo business from Brazil to China.
