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Many agricultural trades have been exceptionally strong in 2021 and several grain types have experienced record high exports. US corn exports are no exception.
Congestion for ships loading grain cargoes at Brazilian ports has surged this year due to large harvests and low water levels in the Amazon River. Between January and November, the average waiting time reached 15 days, up from nine days average between 2018 and 2022 and well above the global average of five days for grain loadings in 2023.
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%.
US manufacturing of durable goods, which has been lagging the wider recovery of the US economy, hit an all-time high in June when USD 270.5 billion worth of goods was produced.
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.
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”.
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.
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.
The ports of Los Angeles and Long Beach continue their record-breaking start to the year, exceeding pre-pandemic records again and again.
