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Brazil’s soybean harvest is behind schedule due to heavy rain with exports down 31% y/y in the first two months of 2023. But despite the slow start, Brazil is headed for a record harvest and a sharp increase in exports during the coming month.
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overall growth in six years. Growth during the quarter was strongest in the industrial sector (6.4%) and the service sector (7.9%), whereas the primary sector (3.2%) contributed to a lesser extent.
Russian seaborne crude oil export volumes have remained strong and grew 13% y/y in 2022 despite the invasion of Ukraine. However, after a 4% m/m fall in June, volumes fell another 16% m/m in July, and the Russian administration has announced export cuts for August.
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistical challenges started to emerge. Two years after the start of the war in Ukraine, sanctions on Russia are limiting the country’s ability to export coal.
China is the world’s largest importer of crude oil, accounting for approximately 25% of global crude import volumes. The country’s crude imports are also equal to about 25% of global seaborne crude oil volumes which contributed to about 30% of dirty tanker trade tonne miles in 2021 according to Signal Ocean statistics. From 2010 to 2020, China’s crude imports grew at an average annual rate of 8.5% and have been the key demand driver for both crude oil and crude tanker demand.
Para el desarrollo de este Webinar contaremos con la participación del Ingeniero Ervin Vargas Wilson y el Ingeniero Martín Rousseaux, del MTCC-Latin America, quienes abordarán los siguientes temas: Estrategia de reducción de gases de efecto invernadero (GEI) de la OMI Medidas Técnicas: EEXI – Índice de Eficiencia Energética de Buques Existentes EEXI – Cálculo 3. Medidas Operacionales: CII – Indicador de Intensidad de Carbono SEEMP III – Nuevos requisitos para el Plan de Gestión de Eficiencia Energética del Buque 4. Futuras medidas basadas en el mercado y requisitos técnico
Gulf of Guinea crude oil exports have year-to-date contributed 13.7% of VLCC’s tonne miles demand and 16.5% of Suezmaxes. A 13.5% y/y drop in Nigerian year-to-date crude oil output has been the main drain on demand and caused a 5.9% decline in tonne miles. A further decline in Gulf of Guinea exports can be expected from mid-2023 when Nigeria’s Dangote refinery begins operation – requiring a sizeable portion of the country’s crude oil – and possibly add to rate volatility.
During the first seven weeks of 2024, cargo volumes to and from ports in the Gulf of Aden and Red Sea declined 21% y/y. The number of ships arriving in these ports significantly declined as merchant shipping increasingly avoided transiting through the region due to concerns over attacks on ships by the Houthis.
