Weekly Dry Market Monitor - Week 28, 2023

Posted by
Maria Bertzeletou
July 12, 2023
Bauxite volumes from Wafr to China experienced significant growth in the first half of 2023

The start of the week on July 28 brought a downward trend in freight rates across all vessel sizes, indicating negative momentum. While concerns about rate stability continue, there was some positive news for the Capesize and Panamax segments as the Baltic Dry Index closed with a positive signal on July 10.

Specifically for the Capesize segment, there were promising developments on the Africa to China route. Monthly bauxite shipments exceeded the levels recorded in the first half of last year, indicating a potential upturn in activity (see chart above). The transportation of bauxite from South Africa to China has increased significantly since the beginning of 2023, resulting in a notable increase in capesize tonne-miles.

Meanwhile, the market remains uncertain about the possible extension of the Black Sea Grain Deal, as discussions between Russia and Turkey continue. Both countries are reportedly engaged in talks for a potential agreement, which is expected to be reached in the next few days. The outcome of these discussions will have significant implications for the grain market.

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