Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: China’s Golden Week Holiday is over and Dry-Bulk vessel demand did not rebound as expected. Paper traders were active but had to take profits after being unable to move markets upward. A lack of support from physical markets helped limit upward movement. The Capesize market was the weakest and pulled other sectors lower. November Capesize vessels are now trading at around $25,000/day with Q1 2021 Panamax daily hire rates dropping to $9,900/day.
U.S. containerized grain exports hit a yearly high this week at 177,994 MT with 35,792 MT of that composed of soybeans destined for mainland China.
