Project Description
A pronounced dip in iron ore demand to China caught our attention in the October customs data. Oddly the deficit all came from Brazil which was 7.5 million tonnes down compared to September. However demand from Australia went up in October by a further 2 million tonnes to 66 million tonnes. This was their highest export volumes all year.
Soyabean demand also kicked hard in October more than doubling the amount of Panamax vessels required compared to September. Despite this freight rates fell in October and have maintained a weak level all the way through into December. Overall utilisation levels are very low and are at similar levels to the depths of the pandemic.