Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: There is not much new to report in dry-bulk freight markets. Freight rates are still steaming in circles and waiting for something to change so they can break out of the current dull pattern. For the last month markets have moved up and down in a narrow $1/MT range .
Chinese port congestion remains a concern, and it is creating backlogs and inefficiencies in logistical supply chains, but there is no light at the end of this tunnel yet.
Container markets are, of course, dealing with the same Chinese port congestion issues and difficult logistics. Container shipping lines, however, are enjoying all-time record profitability. Maersk expects to end the year with profits of $30 billion.