After the US–Israeli air strikes on Iran this weekend, Middle East tensions escalated into open conflict.
Monitoring the de facto closure of Hormuz Strait
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Strait of Hormuz escalation: tankers and dry bulk in focus
Strait of Hormuz tensions are lifting freight risk across tankers and dry bulk with duration deciding the macro outcome.
2026: a decade-high in bulk deliveries
Bulk carrier deliveries in Cal’26 are set to hit their highest level since 2012, signalling a cyclical peak in fleet expansion.
Iron ore prices dipping to a 5-year seasonal low
With Western Australian ports/mines still unscathed, no lasting impact from Cyclone Mitchell (2 weeks ago) and this week’s…
Policy-driven supply constraints weigh on Indonesia’s coal exports
Indonesia’s coal exports have started Cal’26 on the back foot, with shipments so far at ~70Mt, down -31% YoY from 101Mt in the same Cal’25 period.
Australian coal loadings surge as Indonesian supply uncertainty grows
Australian weekly coal loadings rebounded to 6.9Mt as of 01-Feb, up +24% YoY and the highest for this…
VLOC deliveries return in 2026 after long pause
In the VLOC segment, after several years without newbuilding deliveries and a stagnant fleet profile, deliveries are set to resume in 2026, signalling a return to fleet expansion.
China steel output falls as supply imbalance grows
In Dec’25, China’s blast-furnace iron output fell further by -9.9% or -2.6% MoM to 60.7Mt, marking a seventh consecutive monthly decline.
China’s steel exports conclude record high in 2025
China’s steel exports surged to a record 11.3 Mt in Dec’25, lifting Cal’25 shipments to an all-time high of 119 Mt (+7% YoY), as mills and traders aggressively pushed volumes overseas at year-end.
Power consumption in China sets for a new record year in 2025
China’s power generation continued to expand through 2025, repeatedly setting new seasonal records.
Strong arrivals, soft demand: China’s iron ore paradox in 2025
In Nov’25, China’s iron ore imports rose +8.5% YoY to 110.5Mt, marking a third straight month at seasonal record levels and…
India’s iron-ore exports rebound as export-duty hike is deferre
India’s weekly iron ore loadings jumped to 1.7Mt, the highest since Feb ’24, after the government deferred the 20–30% export duty on low-grade ore.
China iron ore inventories at ports are building up
Last week, iron ore inventories at Chinese ports held at 139.6Mt, up +4.7% MoM but still -7.4% YoY, leaving room for a further 10–25Mt of restocking before returning to past highs.
China steel output hits multi-year lows in Oct’25
China’s crude steel output slipped to 72 Mt in Oct’25, one of its weakest readings since 2021 and…
From Capesize to Panamax: changing patterns in coal trade flows
In Jan–Oct’25, global coal ton-miles fell -9% YoY to 5.4 trillion, with Capesize market share dropping to a record low of 26% (-5% YoY), while Panamax…
China’s soybean commitments add pressure to US export capacity
Following the US–China Presidential meeting on 30-Oct, the White House announced that …
Brazil iron ore loadings recover to 5-year seasonal high last week
Brazil’s iron ore loadings rebounded strongly since mid-Sep’25…
Iron ore volumes poised to lead global dry bulk growth
Iron ore is expected to regain its lead in global seaborne trade from 2026, following a short-lived surge in bauxite exports.
Tracking India’s rising role in the global iron ore market from a low base
India’s iron ore imports are shifting gear in 2025.
Sharp relocation of Chinese exports from the US to Asian & Africa in Sep’25
China’s exports rose +8.3% YoY in Sep’25, the fastest pace in six months.