Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: There is nothing terribly new to report in dry bulk freight markets this week. The week was relatively quiet, and as such, rates slipped back a little further. Most of the weakness came from the Atlantic, where cargo demand was difficult to find.
Once again, freight brokers are calling for better support and higher rates in the weeks to come. Hope springs eternal. It is primarily a case of vessel owners hoping we have hit bottom and a bounce will come.
Panamax FFA June paper dropped to $9,700/day and Q3 traded down to 11,500/day with Q4 trading down to $11,600/day.
