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In September 2022, head-haul and regional export volumes were down 9.3% y/y according to Container Trade Statistics. Head-haul trades fell 15.5% whereas regional trades were down 0.7%. At the same time, volumes were 0.2% lower than in September 2019. The volume decline represented the first month since June 2020 to see lower volumes compared with the same month in 2019 and could be a warning that laid up ships and further freight rate reductions are on the horizon.
Between January and October, dry bulk exports out of the Black Sea increased by 13% y/y, driven by Russian wheat exports. After two strong consecutive wheat harvests in Russia, the country’s exports are now on track to reach a new record in 2023. However, Black Sea export volumes are 20% lower than in 2021 due to the loss of Ukrainian cargoes following Russia’s invasion of the country.
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