Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry Bulk freight markets were still undergoing some corrections this week and all sectors trended lower. An increase in the number of ships available in the Atlantic has helped to push rates down. Markets also concerned about slack global cargo demand and hope that Chinese buying will increase, and that the North American wheat harvest will bring some added demand.
Container market rates remain high, but U.S. port congestion has not yet increased as expected. U.S. West Coast labor contract negotiations are ongoing with no sign of an agreement soon.
