Ocean Freight Comments
Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry bulk markets seem to have finally found bottom. Most sectors and rates rallied this week but found some resistance at higher levels. It feels like freight markets are reluctant to go lower but uncertain about degree of fundamental support for a rally. Considerable concerns remain regarding the slow growth of the Chinese economy. Now, new concerns have also been raised regarding the freight corridor for Ukraine grain due to Putin’s recent comments.
The ILWU-West Coast Port labor contract negotiations are ongoing with no schedule for a conclusion soon. There are some new worries about a potential strike by port security personnel. Railroad union negotiations continue and the “cooling-off” period for those negotiations expires on 16 September.