MID-SHIP Alumina/Bauxite – Nov 12, 2024

November 12, 2024

Market Overview: 

Following the U.S. Presidential election, the freight market remains stable. The cape-size sector stands out as a positive exception. Market participants are managing daily challenges within a balanced supply-demand ratio and higher spot vessel counts, while considering potential shifts in U.S. geopolitics, economic policies, and trade tariffs in the upcoming year.

It is worth noting China’s tariffs on U.S. soybeans and corn, imposed in 2018, remain in effect. Additionally, the current U.S. administration significantly increased existing US tariffs on imported Chinese goods, including semiconductors, EV’s, Ship to Shore Cranes and steel and aluminum, in May of this year.

Water levels in the Mississippi and Amazon rivers present challenges for grain and mineral exporters, respectively. The seasonal stocking of coal and ore ahead of China’s winter is reflected in the October import numbers and the increased cape size rates, a trend likely to continue into the first weeks of November.

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