Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting:
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It is still an up and down Dry Bulk market situation with no defined direction. This market is mostly steaming in circles hoping to find support. Capesize markets have uncovered some improved demand in iron ore cargo, but the Panamax and smaller vessels still suffer from a reduction in demand ton-days. Most of the buying activity in these markets has shifted out to Q1of 2023.
The low water situation on the Mississippi River has continued to improve and barge deliveries are slowly increasing. U.S. Railroad labor contract negotiations continue without resolution but the potential for a strike has been moved forward into mid-December. ILWU union container report contract negotiations also continue without resolution and talks are now expected to go into early 2023.
