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China’s long-anticipated economic recovery is the missing link that can lead the rebound of the bulk market in 2023 and into 2024, and we expect the recovery to begin in the second half of 2023.
The Greek owners continue to monopolize the newbuilding interest in the conventional sectors having ordered a total of four tankers and six bulkers during the past days. The weekly newbuilding report by Intermodal Shipbrokers, provides an overview of the newbuilding market, price by ship type.
One more month to go before Amendment 06-21 (Amdt 06-21) to the International Maritime Solid Bulk Cargoes (IMSBC) Code enters into mandatory force on 1 December 2023. This Amendment will put into effect some major amendments to the IMSBC Code.
The BIMCO Documentary Committee (DC) will be meeting on 11 October. The agenda includes six projects up for adoption: CII Clause for Voyage Charter Parties, Ship Sales Further Trading Clause, ETS Allowances (ETS) Clause for SHIPMAN, Quiet Enjoyment Letters, SYNACOMEX and WRECKSTAGE.
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.
The brown marmorated stink bug (BMSB) season 2023-2024 began on 1 September. See the measures for this season introduced by countries for ships arriving from targeted "BMSB" countries.
US soybean, maize, and wheat exports could fall 15% in 2023 due to droughts that affected harvests last year. However, the upcoming maize harvest may drive a recovery in US grain shipments from the fourth quarter onwards.
Due to the COVID-19 pandemic, the global container market grew only 1.5% from 171.0 million TEU in 2019 to 173.5 million TEU in 2023. Without the pandemic, that figure would have been 24.6 million higher, landing at 198.1 million in 2023.
The newbuilding market is entering 2023 strongly with container orders leading the way, despite the fact that the respective freight market follows a falling trajectory.
