Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Just when you think rates cannot go down much more; they do. It was not a good week for dry-bulk vessel owners as spot rates continue to slip while the markets await the reopening and expansion of global consumer markets and improved economies. With the drop in spot and 30-day rates, there is still a substantial carry in the market for the deferred positions through 2020 and into Q1 2021. Global container trade so far in 2020 has declined by 7-8 percent and has created a high volume of blank sailing and idled container ships.
