Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The Capesize market rallied on news that Vale would resume mining operations at its Brucutu mine in Brazil, but there were also market rumors about the possibility of Rio Tinto cutting production in the Pilbara region. So, though the Capesize market was up this week, we will have to wait to discover the net change in Brazilian iron ore exports. Panamax dry-bulk markets, however, could not find any bullish news and were unable to follow the Capesize market lead. Therefore, they ended the week lower.
