Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Baltic Dry Bulk indices continue to move upward this week, albeit it at a slower pace. As usual, the Capesize sector lead the parade. Iron ore exports from West Australia to China have picked up steam. Increased grain movement from West Coast South America also supported prices. July daily hire rates for Capesize vessels has increased to $10,250/day while Panamax hire rates for July have moved up to $8,150/day. The market has still not broken the trend of seeing the best support mid-week followed by a slight drop at weeks end. This makes it look like the best days for buyers to book freight are Mondays and Fridays.
