Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: There is not much to report in dry-bulk markets this week. Most ocean freight news stories simply chat about how quiet the markets are. As we all know, dull markets are not bullish markets and, therefore, things have slipped lower. The only encouraging news for vessel owners is that the downward slide is slowing and may be bottoming out.
It is amazing what ocean freight journalist will say on Twitter. A large global freight conference just concluded in Europe and a reporter stated that he had heard a topic mentioned that he had not heard for a long time; “consolidation”. That the journalist was unaware of these discussions is surprising, because because they have been underway for some time now. Consolidation is a serious likelihood in both the dry-bulk and containerized shipping sectors. The future for ship owners is not looking bright.
