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Due to supply concerns at domestic power plants, Indonesian authorities banned coal exports during January 2022, removing around 30% of global coal volumes from the bulk market as a result. This caused Newcastle coal futures to increase by more than a third and added strain on coal inventories across Asia. The ban was lifted in February.
China is the world’s largest importer of crude oil and Russia is the second largest crude exporter. Much of the crude oil trade between the two countries, however, is piped and the short distance from Far East Russia to China also limits the impact on demand for crude oil tankers. Still, a change in the Russia to China dirty trade has the potential to impact tanker tonne miles demand as it could come at the expense of longer trade lanes.
In a notice released on 5 May 2022, India’s Ministry of Power instructed all power plants to increase their imports of coal. Specifically, the Ministry demands that power plants designed to run on domestic coal start importing at least 10% of their requirements.
Deliveries of new container ships during the first seven months of the year reached a new record high of 1.2 million TEU in 2023, beating the previous record by 0.2 million TEU. As recycling of ships has remained low, the fleet capacity has grown 4.3% since January.
In 2023, shipyards delivered 350 new container ships with a total capacity of 2.2 million TEU, beating the previous record from 2015 when 1.7 million TEU was delivered. The 2023 record is now likely to be beaten already in 2024.
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.
Over the next ten years, from 2023 to 2032, more than 15,000 ships with deadweight capacity of more than 600 million tonnes are expected to be recycled, more than twice the amount recycled in the previous ten years.
The Summer Shipping School is designed to provide a thorough overview of skills used in chartering and operations through case studies and first-class teaching.
The Summer Shipping School is designed to provide a thorough overview of skills used in chartering and operations through case studies and first-class teaching.
BIMCO SHIP PI is a global shipping industry tool for defining, measuring and reporting information on ship performance.
