Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Volatility continues to be the key word in dry-bulk markets. The Capesize vessel market experienced a substantial selloff as paper traders decided to take profits from the previous rally. Spot Capesize vessel rates dropped from $85,000 to $74,500/day. Maybe things just moved up too high to fast? Panamax and Supramax vessel markets, however remained strong and even gained a little ground this week. All freight markets continue to be severely inverted with all the focus on the spot and 30-day periods.
Container rates have topped out and even dropped back slightly. Big logistical problems remain, however, and will most likely be with us for the next 4-6 months. Do your holiday shopping early.