World Grain - January 2022 - 32
WILL VOLATILE SHIPPING
MARKET CONTINUE?
Analysts offer mixed opinions on 2022 shipping prices
by Mike King
T
hose in the international grain business have
been buffeted by volatile and inflationary shipping
costs throughout 2021. Indeed, for much
of the year bulk carrier charter and freight prices have
ebbed and flowed at far higher levels than in the previous
two years, although some relief for shippers arrived
in the fourth quarter.
Throughout 2019 and 2020, the Baltic Dry Index
(BDI), a shipping and trade index that measures the
cost of shipping cargo on bulk carrier vessels, only
breached the 2,000 points mark once - very briefly
in October 2020. But in 2021 gradual increases in the
first quarter took the BDI above 2,000 points. Then
bulk carrier costs accelerated to over 3,000 in April and
past 4,000 points in August before peaking at 5,650 in
October, then falling back to below 3,000 points by
late November.
The IGC Grains and Oilseeds Freight Index
(GOFI) largely followed suit. In early January, it was
hovering around the 125-point mark before surging
to 267 in October and then subsiding to 196 in late
November.
The extraordinarily volatile 2021 bulk shipping mar32
ket
was driven by a number of factors that will, for the
most part, also determine where grain shipping costs
might head in 2022.
Market inefficiencies drive prices
Pooja Rani, a Hong Kong-based analyst at Marine
Analytics, told World Grain the non-Capesize dry bulk
freight market on which grain traders rely primarily
had been energized in 2021 by surges in demand for
coal, grain and minor bulk commodities, plus a massive
jump in operating inefficiencies, which had squeezed
vessel supply throughout the year.
" In the first half of this year, congestion at load ports
increased, mainly at ports in East Coast South America
and Australia, " Rani said. " The East Coast South
America congestion was partly caused by a significant
rise in grain cargoes at Santos and weather-related
disruptions, which were also a factor for congestion
in Australia. "
In the second half of the year, more vessels were taken
out of the global supply equation due to congestion
at Chinese ports. This occurred for multiple reasons,
Rani said.
January 2022 / World Grain / World-Grain.com
©Olivia - stock.adobe.com
http://www.World-Grain.com
World Grain - January 2022
Table of Contents for the Digital Edition of World Grain - January 2022
World Grain - January 2022 - Intro
World Grain - January 2022 - 1
World Grain - January 2022 - 2
World Grain - January 2022 - 3
World Grain - January 2022 - 4
World Grain - January 2022 - 5
World Grain - January 2022 - 6
World Grain - January 2022 - 7
World Grain - January 2022 - 8
World Grain - January 2022 - 9
World Grain - January 2022 - 10
World Grain - January 2022 - 11
World Grain - January 2022 - 12
World Grain - January 2022 - 13
World Grain - January 2022 - 14
World Grain - January 2022 - 15
World Grain - January 2022 - 16
World Grain - January 2022 - 17
World Grain - January 2022 - 18
World Grain - January 2022 - 19
World Grain - January 2022 - 20
World Grain - January 2022 - 21
World Grain - January 2022 - 22
World Grain - January 2022 - 23
World Grain - January 2022 - 24
World Grain - January 2022 - 25
World Grain - January 2022 - 26
World Grain - January 2022 - 27
World Grain - January 2022 - 28
World Grain - January 2022 - 29
World Grain - January 2022 - 30
World Grain - January 2022 - 31
World Grain - January 2022 - 32
World Grain - January 2022 - 33
World Grain - January 2022 - 34
World Grain - January 2022 - 35
World Grain - January 2022 - 36
World Grain - January 2022 - 37
World Grain - January 2022 - 38
World Grain - January 2022 - 39
World Grain - January 2022 - 40
World Grain - January 2022 - 41
World Grain - January 2022 - 42
World Grain - January 2022 - 43
World Grain - January 2022 - 44
World Grain - January 2022 - 45
World Grain - January 2022 - 46
World Grain - January 2022 - 47
World Grain - January 2022 - 48
World Grain - January 2022 - 49
World Grain - January 2022 - 50
World Grain - January 2022 - 51
World Grain - January 2022 - 52
World Grain - January 2022 - 53
World Grain - January 2022 - 54
World Grain - January 2022 - 55
World Grain - January 2022 - 56
World Grain - January 2022 - 57
World Grain - January 2022 - 58
World Grain - January 2022 - 59
World Grain - January 2022 - 60
World Grain - January 2022 - 61
World Grain - January 2022 - 62
World Grain - January 2022 - 63
World Grain - January 2022 - 64
World Grain - January 2022 - 65
World Grain - January 2022 - 66
World Grain - January 2022 - 67
World Grain - January 2022 - 68
World Grain - January 2022 - 69
World Grain - January 2022 - 70
World Grain - January 2022 - 71
World Grain - January 2022 - 72
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