China’s July crude oil imports hit 4-year low and drops 9.2% y/y

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.

Bulk carrier deliveries could hit 19-year low in 2024, boosting contracting

According to BIMCO estimates from the upcoming Dry Bulk Shipping Market Overview and Outlook report, deliveries of bulk carriers should drop to 23.8 million DWT in 2024. The sector’s orderbook currently adds up to 66.7 million DWT, a mere 6.9% of the bulker fleet, the lowest ratio since at least 1996.

Suez Canal Sea Trials – owners’ or charterers’ costs under time charter?

BIMCO has received numerous questions related to the costs of “sea trials” in the Suez Canal – mainly creating disputes for ships transiting for the first time.

Jet fuel volumes down 27% on 2019, Chinese re-opening to offer relief

The airline industry has been hit hard during the COVID-19 pandemic and seaborne jet fuel cargo volumes suffered along with it. In comparison to pre-pandemic levels, available seat kilometres dropped nearly 90% in early 2020.

Global rice exports could fall 4% due to India's export restrictions

Global rice exports could fall by at least 4% in 2023 because of India’s restrictions on exports and El Niño’s impact on supply. Replacing India’s rice exports is challenging, as India accounts for almost 40% of the world’s export of rice. Low rainfall caused by El Niño is also weakening the outlook for global rice exports in 2024.

Argentina’s grain exports could jump 40% due to favourable weather

Argentina is on track to boost grain exports by 40% in 2024, recovering from last year’s drought which afflicted crops, but still below the 2019-2022 average. Climate patterns and government policy are shaping the outlook.

Container spot rates 32% up on 2019 despite weaker supply/demand balance

The Shanghai Containerized Freight Index and the China Containerized Freight Index have dropped by respectively 81% and 72% since January last year. Yet they remain higher than in 2019 despite a worsening supply/demand balance.

Crude oil at lowest since April; Brent at USD 103 and WTI dips below USD 100

Immediately following Russia’s invasion of Ukraine on 24 February 2022, crude oil prices increased on fears of supply disruption. In less than two weeks, Brent prices rose from USD 97/barrel to USD 128/barrel. Since then, Brent prices have consistently been above USD 100 and above USD 110 since mid-May. On 5 July, Brent dropped to USD 102.77 and WTI ended at USD 99.50. Some analysts now predict even lower prices before the end of the year.

Myanmar, Republic of the Union of, Yangon - Pilotage

Russian coal exports fall 7.0% as EU sanctions bite, tonne miles up

As a part of European Union sanctions against Russia, the block banned coal imports from Russia starting 10 August. About two months have passed and Russia has struggled to redirect its coal exports, with export volumes down 7.0% y/y in this period and down 5.0% year to date.