Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk markets are trying to maintain some momentum in an effort to keep the rally going but have encountered some profit taking in the FFA paper markets which has provided some resistance. Overall, this was a fairly quiet week with some weakness in the Capesize sector limiting the market’s upside potential. Freight traders remain hopefully optimistic that growing tonne-miles in Capesize Iron Ore markets and growing vessel congestion at Chinese ports will eventually support higher values. Q2 Panamax daily hire rates remained mostly steady at $16,300/day, with Q3 trading at $16.600/day and calendar year 2024 paper trading at just $13,250/day.
The U.S. Great Lakes shipping/navigation season is closed from 1 January through 20 March but is scheduled to open up next week.
