Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: I have not seen a significant uptick in cargo demand this week, but dry-bulk paper traders in the FFA market tried to keep last week’s rally going and managed to close the week with small gains. Physical markets have followed the FFA trends but are feeling toppy presently. General support in freight markets is still fueled by concerns over the small 2022-2023 new vessel order book for dry-bulk ships and poor logistics due to Asian port congestion.
Container markets continue to deal with difficult port logistics in Asia and North America and are having growing concerns over the U.S. West Coast labor contract negotiations.