10 January 2024
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.
28 April 2022
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.
11 August 2022
On 9 August, the Indonesian Energy and Mineral Resources Minister announced that 71 coal miners failed to meet their domestic market obligations, and that 48 of them are now banned from exporting coal. The ban comes into force just as the EU ban on Russian coal takes full effect and demand for non-Russian coal increases.
08 February 2023
India is heading for its highest wheat harvest on record of 112 million tonnes this spring. However, exports will likely be limited in the coming year as the country is still recovering from last year’s poor harvest and is expected to focus on rebuilding its own wheat inventories.
15 December 2022
Despite floods in November, the Australian wheat production estimate for the 2022/23 marketing year (July 2022 to June 2023) has been increased by the United States Department of Agriculture (USDA). Australian wheat exports could rise 9.8% this marketing year driven by strong harvests and strained global supplies.
07 December 2022
From mid-2020, global container export volumes saw strong growth, and combined with increasing port congestion it caused supply chain challenges and historically high liner operator financial results which have been the norm since. In September 2022, however, container volumes dropped below volumes recorded in the same month in 2019 for the first time since mid-2020 and statistics just released by Container Trade Statistics have confirmed the trend.
03 May 2023
During the COVID-19 pandemic, liner operators increased the average sailing speed by up to 4% due to strong demand and widespread port congestion. Today, the situation is very different and in the first quarter of 2023 the average sailing speed has slowed to 13.8 knots, down 4% y/y, and could drop by 10% before 2025.
15 September 2022
Container volumes in head-haul and regional trades are the key drivers of container vessel demand, average container rates, liner operator profits, and, since 2020, port congestion. According to Container Trade Statistics, combined head-haul and regional trade volumes fell 0.4% y/y in the first half of 2022. Head-haul volumes were 1.3% lower than a year ago while regional volumes were 0.6% higher. Under normal market circumstances the peak season in key head-haul trades should lift Q3 volumes. However, recently released volume statistics indicate that there may be no peak season in 2022 but it is very likely that volumes will slow in Q4.
07 December 2023
So far this year, container volumes have fallen nearly 2% year-on-year while average freight rates have declined, reaching 2019 levels in September. Since then, they have continued to fall. However, the cost to charter a ship remains 25% higher than in 2019.
10 August 2023
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.