Quarter one grew 4% higher than this time last year, principally because coal was 20% higher. Most of this growth was demand from the Far East. Construction based activity is dragging with our data showing a 9% fall in the first quarter which is principally cement. Steel products also fell in the first quarter by 2%.
While Agriculture trade is also dragging, data for March shows a strong start to the Soybean season surpassing last March (Page2).
Iron ore trade seems to be mirroring last year with most of the volumes coming from Australia while Brazilian volumes have traditionally fallen back.
Vessel Utilisation has been subpar across all the fleet, but the Handysize looks less impacted than the other vessel groups. The Capesize fleet is at their lowest level since April 2021.