Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Ocean freight traders finally woke up from the holidays and decided it was time to be optimistic and move things higher. Most of the excitement has been in the paper markets with physical markets following as best they can. As has been common in these markets, the first three days of the week exhibited the greatest amount of enthusiasm before running into selling pressure at week’s end.
January 2021 daily hire rates for Panamax vessels moved up to $12,400/day. Forward positions for calendar 2021 traded at $11,300/day leaving us with a slightly inverted market.
