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In the first half of 2022, the Chinese economy was plagued with weak demand and low economic growth, driven in part by their zero COVID policy. The country’s weaker economy caused a lower demand for steel, meaning that production fell by 8.7% y/y as of May.
The container ship orderbook hit a post-financial crisis low just below 2m TEU in October 2020. In the eighteen months since then, liner operators have seen record profits and a large percentage of these have been poured into newbuilding contracts.
The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships owned by Greek and Chinese shipping companies contribute 34% of the total fleet’s deadweight tonne capacity.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
Despite falling 1.1% m/m in both November and December, US retail sales volumes remain 13% above 2019 levels and 6% higher than the pre-COVID trend. However, sales volumes could return to trend during 2023 and thereby pose a risk for Asia to North America container volumes.
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition.
High energy prices in Europe have shifted aluminium production to China. Due to China’s increasingly depleted bauxite reserves, this shift has resulted in an increase in bauxite shipments, benefitting the capesize segment. Guinea, the world’s largest exporter of bauxite, accounts for around half of traded volumes and has seen a 14.9% increase in bauxite shipments so far in 2022.
On Friday 24 February, one year will have passed since Russia’s invasion of Ukraine. During that year, dry bulk exports from Ukraine have dropped 77.8% compared to the same period a year earlier, causing a decline in global dry bulk volumes. Seaborne exports have been restricted to agricultural goods and even those have been limited.
