Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It was not a good week in any market; equities were down, crude oil was down, interest rates were lower, and the same trend was true in Dry-Bulk markets. The technical charts indicate everything is oversold, but that is not preventing things from slipping further. Lower fuel rates will help vessel operators a bit, but cargo volumes are still lagging shipping capacity and the longer-term outlook is not positive. Cheap oil, however, is giving crude oil tankers a boost as that market looks for additional storage capacity.
