Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: The most repeated phrase in dry-bulk markets this week is “what goes up, must come down”. This was, of course, a disappointment to vessel owners, but it is the current nature of freight markets. FFA paper traders were sellers at week’s end, while physical markets held tight and resisted making any big moves. Wait times for grain vessels at the Panama Canal remain 8-12 days, which makes voyage days about the same for U.S. Gulf shipments going around the Cape of Good Hope or through the Suez Canal. On a more positive side, U.S. containerized grain shipments increased again this week.
Low water conditions remain in the Mississippi River but the outlook for November looks more promising.
