Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: It has turned into a slippery slope for the dry-bulk shipping industry. Last week did not produce the bottoming-out scenario that was expected. Both paper and physical traders have been unwilling to bid rates higher without first seeing signs of support in what has become a thin and unbalanced market. With more offers than bids, sellers have been unable to repeat the last value traded and have simply been chasing the market lower. Panamax freight has largely been following the Capesize sector. On a day like today, it has been more trick than treat for vessel owners.
