Project Description
The Baltic Dry Index has been declining for a long period but has shown signs of improvement through September. Traditionally Q3 has been the strongest quarter but Corona virus lockdowns in China and the onset of a global recession have taken their toll.
The graph on the second page show Iron ore into China has gained particular strength but this was from a low base. It appears the trade is nearly back to normal levels as conditions in China.
Agriculture trade is 10 million tonnes under compared to last year. Nevertheless it’s still a reasonable trade concidering the disruption from the events in Ukraine. Maize and Soyabean have particularly performed well.
Vessel utilisation has been struggling and is now down to the levels not seen from early 2020. This is reflected in freight rates which have mirrored the declines.