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Houthi attacks on ships in the Red Sea, coupled with a rise in piracy off the coast of Somalia, are disrupting global trade. In 2023 an estimated 13% of global seaborne trade transited through these areas. However, the attacks have reduced the number of ships transiting the area by 50%.
The surge in US container imports continued in April when West Coast loaded imports amounted to 1.10m TEU.
The BIMCO holiday information for 2021 is now available online, offering increased focus on local and regional holidays, increased transparency and better reliability.
Since July 2020, the container market has benefitted from a surge in consumption of goods compared to pre-COVID levels, and head-haul and regional trade volumes have followed. Compared to the same period of 2019, container volumes in the second half of 2020 were up 5.7% while full year 2021 volumes were 9.0% higher. Volumes in the first half of 2022 were up 8.3%, also compared with H1 2019. Despite a growing fleet, capacity supply was unable to keep up as port congestion absorbed as much as 14% of the fleet, data from Sea-Intelligence shows.
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answer is “yes”.
The ports of Los Angeles and Long Beach continue their record-breaking start to the year, exceeding pre-pandemic records again and again.
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.
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition.
Preliminary shipping data from Oceanbolt shows a 1.7% y/y drop in Chinese iron ore import volumes in August. The volumes are, however, the highest since January and follow a 3.1% y/y increase in July. Year-to-date, Chinese iron ore imports are down 3.3% y/y, making up around 20% of global dry bulk volumes, but could be in for a bounce, benefitting the struggling Capesize segments.
Brazil’s soybean harvest is behind schedule due to heavy rain with exports down 31% y/y in the first two months of 2023. But despite the slow start, Brazil is headed for a record harvest and a sharp increase in exports during the coming month.
