Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: This was a bad week for vessel owners and operators as most dry-bulk markets experienced a setback in rates. It was one of those weeks were nearly everything witnessed selloffs, the stock market, commodity markets, cryptocurrencies, and ocean freight. It appears the run up in rates over the last month involved a bit too much enthusiasm too early in the game. Freight markets remain highly inverted, and everyone is watching Chinese cargo demand looking towards the third and fourth quarters of the year. The Supramax and Handymax vessel sectors are holing up better than the larger sizes.