Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk markets continued their slow drift lower. The Capesize sector suffered the most, especially in the Atlantic, but all dry-bulk sectors are in the doldrums. Freight traders have started each week with optimism but end up giving up to lackluster buying interest. This is the cycle the markets are in and one that vessel owners and bankers are hoping will break before shipping companies do. Spot Capesize rates are at record lows and Panamax daily hire rates are below $5,500/day. So, the big question remains: has the market hit bottom yet?
