Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: China markets reopened following last week’s Golden Week Holiday and some fresh buying came into the market. Both paper and physical traders took this as reason to push things up for the week and some paper short covering ensued. For the most part, dry-bulk freight markets ended the week with good gains relative to where they entered the holiday period. We will now have to see if this week’s seller optimism can be maintained and supported into next week. The Capesize vessel sector experienced the biggest weekly drop and the Handymax through Panamax shipping sectors showed the most weekly support.
October interest in Handy-Handymax vessels for the U.S. Gulf to Argentina route is now asking $37-$38/MT, up $4-$5/MT from three weeks ago.
The charts below represent 2018 YTD totals versus 2017 annual totals for container shipments to China.
