China’s falling demand for wheat and corn imports, coupled with its rising domestic production, will continue to weigh heavily on panamax tonne-miles, says Drewry Maritime Advisors.
Rates on the Australia-China route have been trending downwards since the second half of 2024, reflecting a decline in grain trade between the two countries.
“Panamax rates are unlikely to recover to March 2024 levels in the near future on this route,” the research house said.
