Oneglobal Shipping Market Report May 2023

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Credit: Tom Fisk/Pexels

Economy

China’s import and export activities are showing signs of a slowdown following a strong recovery in the first quarter after COVID-19 lockdowns were lifted. Weak domestic demand in China has led to a decrease in iron ore prices. Interest rates have been raised to one of the highest levels since 2008, making the cost of capital for driving economic growth more expensive. Regulatory bodies are urging outsourcer’s customers, such as insurers and pension funds, to assess the risks of data loss, potentially leading to mandatory cyber security insurance. Furthermore, the Group of Seven (G7) leaders are planning to impose additional shipping-related sanctions on Russia.

Bulk Carrier 

The Ukraine Black Sea grain deal has been extended for an additional two months, indicating ongoing trade activity in the region.

Indonesian seaborne coal exports are anticipated to surpass last year’s figures, suggesting improved market conditions and increased demand.

India plans to increase its purchases of Russian coking coal this year to benefit from lower prices and diversify its import sources.

China’s soybean imports from the U.S. have seen a rise, indicating ongoing trade relations between the two countries.

A potential future boost to the dry bulk market could come from a record-breaking Brazilian soybean crop, indicating increased shipping demand for this commodity.

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Source: Xinde Marine