Initially pricing a premium for low inventories in China and uncertain seasonal weather conditions…
Looking at 2023, steel exports from China rose +35% YoY to a 7-year high at 91Mt.
2024 has seen CPC barrels stay local at the expense of volumes heading East, as the Red Sea crisis shifts tradeflows.
Nothing can beat a good logistics on the long run!
The situation in the Red Sea remains volatile. Explore the impact seen so far on the tanker markets.
The preferred shipping route for dry-bulk exports…
Have steel production margins in China bottomed? Since peaking in Sep’21, margins have experienced a dead-cat bounce in 2023 before reaching a trough in Dec’23.
Recovering after the monsoon season and supported by iron ore prices trending upwards in 2H’23, India’s iron ore exports have climbed above 5-year high levels.
Despite ending 2023 at 5-year high levels and posting a new record at 10.1Mt/wk on the week connecting 2023 to 2024…
The shift to Suez Canal from Panama, coupled with escalating Middle East violence, is rapidly reshaping bulk carrier routes to the Far-East, impacting fleet utilization in the North Atlantic.
Despite steel output rising +9%/year in the last 2 years, India confirmed its return on the iron ore exports markets one year ago and ramped the exports pace to a 5-year high level in Dec’23.
China’s soybean imports surged, lifting port inventories to an 18-month high of 7.1Mt, still 10% below 2021 levels during widespread African Swine Fever outbreaks.
The recently announced Grangemouth refinery closure continues the trend of shrinking refinery capacities in Europe. However, secondary utilisation of closed refinery sites may bring some further opportunities to the tanker market.
The comparison of the order book and the fleet gathering ships over 20-years of age, the natural candidates for recycling, shows significant disparities across various Bulk Carriers segments.
Fool me once, shame on you. Fool me twice…
Diverging from recent years’ seasonality, iron ore prices delivered to China have been rallying since August.
Droughts and a delayed start to the rainy season, exacerbated by the El Nino effect, have caused significant damage to water levels in the Panama Canal. Explore what this could mean for the tanker market.
Reading latest USDA forecast, competition for soybean market-share is to remain in favour of Brazil in coming marketing year 23’/’24!
Whilst China exports expressed in US dollar terms fell -6.4% YoY and came lower than market expectations, the situation appears more nuanced when considering exports expressed in quantities.
This is not a drill – a crude tanker has been demolished!