China’s exports rose unexpectedly in September, official data showed Wednesday, but analysts warned of a looming hit from the country’s power crunch that has disrupted supply.
The data came after a sharp jump in trade in the world’s second-largest economy in August, suggesting that overseas demand for consumer goods had surged as a domestic virus outbreak was brought to heel.
But last month many factories were forced to halt operations owing to power outages
Reuters
Lutz Kilian, Nikolaos Nomikos, Xiaoqing Zhou 15 July 2021
Las tarifas de fletamento de naves graneleras para la ruta Costa Oeste de Sudamérica (Callao) - Lejano Oriente (Fig. A) notificadas durante la semana 10 de 2021 se situaron en los US$29.000 para los buques Handysize, representando un 126% de la tarifa de referencia del Baltic Dry index (BHSI) y marcando un alza de US$5.000, sobre la semana anterior. Para los buques Supramax la tarifa alcanzó los US$34.000, equivalente a un 149% del BSI, registrando un alza de US$4.000, sobre la semana anterior. En tanto, las tarifas para los buques Ultramax, marcaron US$31.000, posicionándose un 153%, respecto al índice de
Yantian Port has experienced extreme congestion, disrupting multiple vessel services (File image courtesy Gigel Atat)
The containerized shipping industry has been essential to global commerce for its low shipping costs. However, high freight rates are starting to have an impact on consumer goods. Already, consumers have started to feel the pinch of the surge on items such as furniture and coffee. Along the transpacific route, Alan Murphy, CEO of Sea-Intelligence recently estimated that freight rates for assembled furniture now account for a whopping 62 percent of the total retail value. It’s the same case for large appliances, for which up to 41 percent of the retail price is the shipping. As container
Despite low freight rates, very few crude oil tankers have been sent for demolition so far this year. In a new analysis of market trends, BIMCO reports that it expects shipowners will continue to seek opportunities in the secondhand market as opposed to scrapping ships and reducing overall capacity in the second.
With a difficult rate market and few prospects for a near-term recovery, the speculation hard turned to a possible new wave of scrapping to reduce capacity in the crude oil tanker segment. Pointing to data from Clarkson, BIMCO acknowledges that demolitions are up from the start of last year but overall says that the second-hand market is winning out.
