Chinese dry bulk imports arriving on Panamaxes hit a record high of 42.8 MMT in June, rising by 27% YoY.
Imports of Agri bulk, grains and iron ore have seen increases of 38%, 19% and 18% YoY, respectively.
As a result, Panamax congestion in China has continued to soar, reaching a record high of 15.8 MDWT last week. China’s sustained demand for grains and recent uptick in coal imports has seen ports struggle to deal with the increased arrivals.
Record Panamax cargoes arriving in China has left the Atlantic market extremely tight, with most Panamax routes hitting decade-highs as a result.
The P1A and P2A 82k dwt routes, both delivery Skaw-Gibraltar, hit record highs on Friday, with rates reported today at $44,775 per day and $55,614 per day an increase of 218% and 166% YoY, according to the Baltic Exchange.