Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Baltic Dry-Bulk indices jumped 7-10 percent this week. That sounds like a big improvement, but one must recognize that the market started at exceptionally low levels and, therefore, a 600-point move appears large. All the same, it was a move in the right direction from a vessel owners’ perspective. But, in classic form, the market exhibited the biggest gains mid-week and found selling pressure by week’s end. Sellers are still present to take profits on rallies. It does appear Dry-bulk markets have turned the corner, however, and will now have to claw their way upward. But it is very unlikely that this will be a straight-line move and there will still be buying opportunities for charters.
