Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry Bulk markets wanted to show other markets that they too can be volatile. Paper FFA traders got excited by last week’s turn around and caused Dry Bulk Futures markets to gap higher this week. At least freight markets are starting to create better trading volumes. The big question however is, have things jumped too high too fast? Physical markets trying to determine how much of this rally is truly warranted relative to the not as robust picture in cargo demand. Q2 Panamax daily hire rates jumped up another $3,000/day this week to $17,000/day.
