Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It was a quiet week in Dry-Bulk markets and as such, rates slipped slightly lower. Markets need continued good news for support and that was missing this week. On the positive side, both the Chinese and U.S. economies are performing better than expected and vessel owners are anxiously waiting for this to translate into better cargo demand. COVID fears and impacts are resting on the other side of this balance scale.
Average daily earnings for December Panamax vessels dropped to $9,500/day. Inland container availability is becoming scarcer and more expensive for U.S. shippers of containerized grains. Though more challenging than in previous times, weekly volumes of containerized grains from the U.S. continue to improve and export markets are being served.
