Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The rally in Baltic Dry Bulk indices continued, and again was led by the Capesize paper market. Physical markets have cautiously followed. Daily hire rates for Capesize vessels reached $13,000/day (up from $10,250 last week), while Panamax vessels move up to $8,400/day in the spot market and $9,300/day for Q3. The market is now watching to see if, as in past weeks, sellers will once again show up at the end of week. Cargo demand is improving however, and this should provide good support.
