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The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest importer of coal this year.
The total orderbook for dry bulk, container and tanker ships has reached its lowest point in 17 years as COVID-19 has massively slowed contracting (-50%) while deliveries of new vessels have proved more resilient (-2%).
Market uncertainty due to slowdown in China
Last year, US coal exports seized all the headlines as they were up by 31%, showing the flexibility of the producers to seek overseas opportunities as higher gas production, followed by lower gas prices, turned the tables in the domestic US market.
BIMCO provides the full write-up on the final guidance issued by t he International Maritime Organization (IMO) relating to corrosivity test for use in the International Maritime Solid Bulk Cargoes (IMSBC) Code . This test is used for classify ing solid bulk cargoes that are hazardous when transported in bulk (MHB cargoes) .
The dry bulk market has been devastating so far in 2015. However, June has somehow reversed it all in less than three weeks if judged by the Baltic Dry Index (BDI).
Following the IMO revised circular (CCC.1/circ.2/Rev.1 dated 20 September 2017) on bauxite , Australia will now allow for the new testing procedure and schedules for bauxite to be applied for all bauxite cargoes in bulk shipped from Australia.
As we are heading into Q4 our thoughts go back to the strong days during the end of last year. In spite of a recent strong return of Chinese iron ore imports, history is unlikely to repeat itself. Freight rates have been on the slide since mid-Summer and only Capes have resisted consistent erosion.
There is no doubt that it takes time from when commodities are bought and transportation fixed and executed to the cargo being landed at the buyer’s desired port of discharge. There’s also no doubt that buying activity for staple cargoes such as coal and iron ore was hectic during the final months of 2011.
