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Feb 25, 2020
High-frequency Commodities at Sea data shows drop for Chinese imports easing, early signs of recovery from depressed levels
High-frequency Commodities at Sea data shows drop for Chinese imports easing, early signs of recovery from depressed levels.
- China is the world's biggest importer of bulk commodities such as iron ore, crude oil, coal and is the demand driver of major globally-traded commodities.
- The immediate impacts of the coronavirus outbreak are already numerous with respect to trade: labour shortages at Chinese ports have led to instances of slower discharge rates for arriving cargoes.
- Commodities at Sea model runs twice a day and provides immediate activity capture for vessel activity down to the port level.
- Tracking vessel discharges in real time in Chinese ports over the last few weeks provides superior visibility into Chinese industrial activity levels before after-the-fact government reports.
- Seasonally adjusted, post-Chinese New Year, dry bulk vessels discharging in China nosedived 30-40% from average levels.
- Average weekly crude oil discharged in China has returned closer to normal levels despite a lower vessel count.
- Commodities at Sea reveals China prioritising larger vessels to discharge amid limited personnel availability at ports.
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