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The Mercantile Marine department of the Ministry of Shipping, India issues new procedures and check list documents for the loading of iron ore fines.
As the average length of the journey increases, partly due to port congestions in China, soaking up capacity and pushing up spot rates, shipowners will likely be enjoying high freight rates until the end of the year.
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will support the dry bulk freight market.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
Chinese imports of iron ore keep falling, while its crude steel production keeps growing.
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.
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