Iron ore volumes continued to decline from Brazil in November as the BDI maintained a depressed level in December. The North American soyabean season seems to be similar to last year levels at 9.3 million tonnes per month for October and November 2022. This compares to a peak of 11 and 12 million tonnes per month from Brazil in March and April last year.
There was a strong bounce back in Bauxite volumes to China from Guinea. In November 9.3 million tonnes was moved which was the highest volume in 2022.
Utilisation decline in all vessel sizes in December, emphasising the downward pressure cause by a global economic downturn. The outlook for 2023 is muted and the first quarter is expected to be lower than last year.