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Although many of China’s major bulk imports, such as iron ore and crude oil, have seen strong growth so far this year despite the COVID-19 pandemic, imports of coal have followed the opposite trajectory.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
A lot actually - 2009 is set to be a monster year for a new inflow of tonnage in all the major shipping segments. So far, cancellations on a large scale have not happened, but some slippage in deliveries is visible.
BIMCO is an international association organising training courses, seminars, subcommittee meetings, working groups, etc. worldwide. As a consequence of the current spread of Coronavirus, BIMCO has decided that no BIMCO staff can travel to the Far East until further notice.
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electricity produced using renewable energy rose. Also slowed economic activity and high energy prices affected electricity demand.
After a period with short-term container freight rates reaching record highs on many of the major container shipping trades, long-term rates are now also experiencing a boost. Particularly long-term freight rates between the Far East and the US have jumped, copying the development in short-term contracts which have seen the increase in freight rates to the US (both coasts) outpacing the rise in spot rates to Europe.
Despite low freight rates, very few crude oil tankers have been sent for demolition so far this year.
The revision of BIMCO’s top-selling contract, SUPPLYTIME 2005, has now reached a stage where it is appropriate to consult with the wider industry about the changes made to the contract so far.
Towards the end of 2011, we got the first indication that liner companies were winning “the pricing battle” against shippers on the level of freight rates on the main lanes from Far East to Europe and the Mediterranean.
Capesize: Throughout the week, the cape market has displayed remarkable resilience and positivity, defying challenges such as holidays in the Far East.
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