Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It was another bad week for vessel owners as dry-bulk markets slipped lower. The technical charts for Capesize and Panamax Index markets look quite bearish, which has motivated paper traders to push hard on the sell side. But it is starting to look like these markets may be oversold and fear of a correction is growing. Other than the looming 1 January deadline for IMO2020, there is not much bullish news in the physical markets, but it may become difficult to push rates much lower. Many container shipping lines have instigated IMO fuel surcharges to their quoted rates and the market is watching to see if they can maintain solidarity and make these stick.
