World Grain - July 2024 - 34

volumes, accentuating the impact on the markets.
" As well as the impact of larger volumes, markets
were supported in Q1, and continue to be supported,
by the longer sailing distances associated with having
to avoid transiting through the Red Sea/Suez and the
Panama Canal. By increasing the sailing distances required,
the restrictions at these two chokepoints have
helped to tighten the market substantially. "
Never-ending bottlenecks
Aside from two of the world's leading arteries suffering
from limited effective capacity, Alexander Karavaytsev,
senior economist at the International Grains Council
(IGC), said grains and oilseeds shipments also have
been hampered by difficult conditions - either too low
or too high water levels - on key waterways across the
US Midwest, which led to barge freight restrictions and
added to logistical costs for US exporters.
" Additionally, in Brazil, shallow water levels on the
Amazon River disrupted inland cargo movement to
the Northern Arc ports in the last quarter of 2023 and
shifted some flows to the main southern ports, thereby
increasing pressure on port logistics, " said Nathan
Kemp, IGC senior economist. " Occasional shipping
difficulties were also observed on the key Rhine River
in Germany. "
Issues with low water in Europe flipped in June when
high water levels forced closures of sections of both the
Rhine and Danube to freight because vessels could not
pass under bridges safely.
34
Grain plays its role
Grain shipments also have helped tighten the bulk carrier
market in 2024. Filipe Gouveia, shipping analyst
at BIMCO, told World Grain that between January and
April 2024, ships in the supramax and handysize segments
had benefited from 2% year-on-year stronger
cargo demand and longer average sailing distances.
" From the cargo side, grain shipments have been particularly
strong, up 8% year-on-year, partly driven by
stronger volumes from Argentina and the US, " he said.
For grain shippers, all of this has resulted in a highly
volatile market. In the first week of June 2023, the IGC
Grains and Oilseeds Freight Index was at 125. It then
hit a 12-month low in July before rising to a 12-month
peak of 191 in December. As of June 4, the Index had
subsided to 148.
Good news for shipping
With negatives easy to find, there is some good news
for those reliant on trading internationally. Shipping in
general has found ways of coping with the extra distances
of sailing via the Cape of Good Hope.
Perhaps more significantly for global grain availability,
Ukrainian exporters have been able to resume business
via Black Sea and Danube ports as the Russian
navy has been forced to withdraw and Russian missile
and drone attacks have become less effective.
In addition, after Russia withdrew from the Black Sea
Grain Initiative (BSGI) last July, Ukraine established
the Ukrainian corridor, a route passing through the terJuly
2024 / World Grain / World-Grain.com
©Elana-stock.adobe.com
http://www.World-Grain.com

World Grain - July 2024

Table of Contents for the Digital Edition of World Grain - July 2024

World Grain - July 2024 - Intro
World Grain - July 2024 - 1
World Grain - July 2024 - 2
World Grain - July 2024 - 3
World Grain - July 2024 - 4
World Grain - July 2024 - 5
World Grain - July 2024 - 6
World Grain - July 2024 - 7
World Grain - July 2024 - 8
World Grain - July 2024 - 9
World Grain - July 2024 - 10
World Grain - July 2024 - 11
World Grain - July 2024 - 12
World Grain - July 2024 - 13
World Grain - July 2024 - 14
World Grain - July 2024 - 15
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World Grain - July 2024 - 17
World Grain - July 2024 - 18
World Grain - July 2024 - 19
World Grain - July 2024 - 20
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World Grain - July 2024 - 27
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World Grain - July 2024 - 34
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