Project Description
The robust market performance at the onset of the year can be largely attributed to the prevailing low commodity prices. Notably, we’re witnessing growth across every cargo category during January and February, encompassing iron ore, coal, agriculture, and minerals, all registering significant upticks.
In February, iron ore stands out with nearly a 10% increase in volume compared to the previous year, largely fuelled by substantial volumes from Brazil. Favourable conditions, including ample stocks and exceptionally good weather due to El Niño, have enabled Brazilian mines to maintain operational continuity through autumn, circumventing the typical disruptions caused by flooding. Noteworthy is the remarkable surge in steel product exports, particularly steel flats, with a substantial portion originating from China, as they struggle to absorb volumes in their own economy.
Assessing the market holistically, the intra-pacific segments emerge as particularly fruitful in terms of cargo volume. This heightened activity spans all vessel segment categories and can be attributed, once again, to the prevailing low commodity prices.