Attualità del trasporto marittimo

Mar 03 - About 10% of global container fleet caught in Hormuz backup, shipping CEO says
Container ships account for roughly 100 of the 750 ships ensnared in the Strait of Hormuz backups following U.S. and Israeli attacks on Iran, Jeremy Nixon, CEO of container carrier Ocean Network Express (ONE), said on Monday. "About 10% of the container ship global fleet is caught up in this," Nixon said at S&P Global Market Intelligence’s TPM26 container shipping conference in Long Beach. 

Mar 03 - Saudi Arabia buys 794,000 tons of wheat in tender
Saudi Arabia's main state buying agency, the General Food Security Authority, on Monday purchased around 794,000 metric tons of wheat in an international tender, it said. This was above the 655,000 tons sought. The wheat was bought for arrival in Saudi Arabia between May and July, the agency said. 

Mar 02 - Energy Markets on Fire ( Reuters )

- Energy markets were thrown into their biggest crisis in decades after the United States and Israel launched a massive air war against Iran on Saturday, prompting Iranian retaliation across the region. Brent crude prices on Monday initially surged by over 10% to $82 a barrel, the highest in over a year, before receding slightly, while European natural gas prices soared by nearly 30% as investors assessed the impact of the rapidly unfolding events on the world’s most important energy-producing region. 

- The conflict has already led to what had for a long time been considered the doomsday scenario for energy markets: the suspension of shipping activity through the Strait of Hormuz, a narrow waterway between Iran and Oman that handles nearly 20 million barrels per day of crude oil and refined products, roughly a fifth of global consumption.
Although the strait hasn’t been officially closed, ship operators have halted transit, fearing either being attacked or getting trapped inside the Gulf after at least three tankers have been targeted around or inside the strait.

- Other energy infrastructure has also been targeted across the region. Saudi Arabia shut its biggest domestic oil refinery, located in Ras Tanur, after a drone strike, a source told Reuters.
And Qatar, the world’s second-largest producer of liquefied natural gas (LNG) that exports a fifth of global supplies, ceased production of LNG and associated products at its giant Ras Laffan plant due to attacks.

- Amid all these geopolitical headlines, OPEC+ on Sunday also agreed to a modest oil output boost of 206,000 bpd for April, which is slightly higher than previously expected. But the decision is probably the least consequential the group has made in nearly a decade of existence, ROI Asia Commodities Columnist Clyde Russell argued today. More on this below. 

- It is hard to overstate the importance of the developments. For now, the big question is how long the conflict and disruption will last. U.S. President Donald Trump indicated in interviews over the weekend that military operations could last at least four weeks.

- The U.S. will most likely try to rapidly re-open transit through the Strait of Hormuz, but that is no easy task. Iran may also try to target other critical infrastructure across the region, including oilfields.

Mar 02 - Travel stocks tumble as US-Iran conflict sparks worst disruption since pandemic (Reuters-Multiple)

. Global travel shares plunge
. Passengers worldwide stranded as conflict hits airlines
. Oil prices surge to highest in months

- Travel shares tumbled on Monday as escalating conflict between the U.S., Israel and Iran disrupted flights worldwide, closed key Middle Eastern hubs and sent oil prices surging, with analysts warning of weeks of disruption ahead. Data showed at least ​4,000 flights had been cancelled around the world in the last three days.
Dubai, the world's busiest international hub, and Doha remained shut for a third day, leaving tens of thousands of ‌passengers stranded as aviation faced its biggest test since the COVID pandemic. Jordan on Monday became the latest country in the region to partially close its airspace.

- Oil prices jumped as much as 13% to their highest since January 2025 as Iran and Israel stepped up attacks, raising the prospect of higher fuel costs for airlines.
U.S. airline shares dropped when markets opened on Monday, with American Airlines (AAL.O), opens new tab and United Airlines down more than 6%.
The STOXX Asia/Pacific 600 Travel & Leisure, opens new tab and the STOXX Europe Travel & Leisure, opens new tab indexes, which ​include major airlines, shed a combined $11.9 billion in market value, according to Reuters' calculations.

- Aviation analytics firm Cirium said at least 1,560 flights were cancelled on Monday, meaning more than 4,000 flights have been cancelled ​since Saturday. That figure is likely higher given incomplete data collection, Cirium added.

Shares in TUI, Europe's largest travel company, were down 9.6% at 1302 GMT, while Lufthansa ⁠was down 5.7% and British Airways-owner IAG slid 5.4%. Hotelier Accor and cruise company Carnival also fell sharply.
"Every airline is full and every flight is full because people are just having to take what they can," said Paul ​Charles, head of travel consultancy PC Agency, who was himself stranded abroad. Charles said aircraft and crew were scattered around the world in the wrong places in a "nightmare scenario."

- Analysts highlighted rising fuel costs, cancellations and rerouting expenses as the ​main pressure points for airlines, despite hedging. JPMorgan, Goodbody and Citi pointed to Wizz Air as the most exposed European carrier because of its large presence in Israel. Its shares were down 7% on Monday.

Abu Dhabi's Etihad on Monday resumed some flights, while Israel's Ben Gurion Airport said it would reopen to a limited extent.
Even before the conflict, the industry was under strain as cost-conscious travellers avoided pricey holidays. Norwegian Cruise Line Holdings on Monday forecast weaker-than-expected 2026 profits.

- Asian airline stocks were also hit, including Japan's ANA Holdings, Air China, China Eastern Airlines Malaysia's AirAsia X which all fell at least 4%. Cathay Pacific  cancelled ​all flights to the Middle East, including to Dubai and Riyadh, and waived rebooking fees.
Singapore Airlines cancelled flights to and from Dubai through March 7, while Japan Airlines suspended Tokyo-Doha services.

Singapore-based independent aviation analyst Brendan Sobie said Indian carriers were particularly ‌exposed due to ⁠heavy Middle Eastern schedules serving migrant workers and a ban on using Pakistan's airspace on flights to and from Europe.
Air India cancelled flights between India and Zurich, Copenhagen, Birmingham, the UAE, Saudi Arabia, Israel and Qatar and said services to New York and Newark would refuel in Rome.

Data provider VariFlight said mainland Chinese airlines had cancelled 26.5% of flights to and from the Middle East from March 2 to March 8, pointing to "sharp near-term disruption" but a wait-and-see stance on potential longer-term schedule changes.

PASSENGERS SCRAMBLE TO CHANGE FLIGHTS
The ripple effects have hit travellers worldwide. Dubai was the world's busiest international airport in 2024 with 92 million passengers, according to Airports Council International, ahead ​of London's Heathrow by 13 million. Doha ranked 10th.
Lufthansa ​cancelled passenger flights in and out of the ⁠UAE, but sought to fly an Airbus jet out of Dubai to Munich without passengers.
James Halstead, managing partner at Aviation Strategy, said he was optimistic the impact on the sector wouldn't be long-term and that travel volumes were unlikely to decrease substantially around the world.
Qatar Airways passengers in Sydney told Reuters they scrambled to rearrange travel with ​little information. Ascanio Giorgetti, 16, and his mother Alessandra Giorgetti from Italy found their flight to Milan via Doha cancelled. They secured an alternative route home via ​Los Angeles on another airline.
($1 = 0.8495 euros)

Mar 02 - Middle East conflict sparks slew of shipping charges (Grain Central)

The CMA CGM Pelleas at the DP World terminal at Sydney’s Port Botany in September 2023. At 350m, the vessel was the longest to visit Sydney’s container port. Photo: NSW Ports

SHIPPING diversions and new surcharges are already generating additional costs for Australian exporters as shipping companies react to heightened conflict in the Middle East, according to Australia’s Freight & Trade Alliance (FTA) and the Australian Peak Shippers Association (APSA).
“The situation is already having direct and measurable impacts on Australian supply chains, with disruptions to…container shipping schedules, and the rapid imposition of significant conflict‑related surcharges by major international carriers,” they said jointly today.

Australia is hugely dependent on imported fuel and fertiliser, with the Middle East a major source of both. Fertilizer Australia chief executive officer Stephen Annells said the situation in the Middle East is developing, but early indications were that requirements for seeding, which will start in earnest next month, would be covered.
“Most of the fertiliser required for seeding is either in Australia or safely on its way,” Mr Annells said.

The joint FTA-APSA statement said the Middle East remains an important trade and logistics partner, with the United Arab Emirates Australia’s largest trade partner in the region, and a critical logistics hub for Australian cargo moving onward to Europe, Africa and South Asia.

On the agricultural front, Australia regularly exports wheat, canola and feed barley in bulk to the Middle East, as well containerised pulses, while Europe is the key destination for Australia’s bulk canola, and Egypt is the sole destination for its bulk faba beans.
Surcharges hit sea freight

Heightened security risk across key maritime corridors including the Strait of Hormuz and Red Sea/Suez Canal has triggered emergency responses by container shipping lines.

Carrier actions reported to FTA/APSA members include:

    MSC instructing vessels in the Gulf region and those en route to proceed to designated shelter areas, while suspending new bookings to the Middle East region until further notice;
    CMA CGM instructing vessels inside or bound for the Gulf to proceed to shelter and suspending Suez Canal transits, with affected services rerouted via the Cape of Good Hope;
    Maersk diverting impacted services away from the Suez Canal and around Africa on affected trade lanes.

These measures are extending transit times, increasing fuel and operating costs, and adding further volatility to already strained global shipping schedules.

FTA/APSA has been concerned by the speed, scale and timing of new carrier surcharges now being imposed on affected trade lanes.

Leading container line CMA CGM has announced an Emergency Conflict Surcharge effective on containers loaded from today, and in place until further notice, and applying to affected Middle East scope cargo:

The  CMA CGM surcharge equates to US$2000 per 20-foot dry container, $3000 for 40-footers, and $4000 per reefer or special-equipment container.

HapagLloyd has imposed a War Risk Surcharge, also effective from today, for cargo to and from the Upper Gulf, Arabian Gulf, and Persian Gulf of $1500 per 20′ equivalent unit on standard containers, and $3500 per reefer containers and special equipment.

HapagLloyd’s published notice states the surcharge applies excluding cargo subject to FMC (US Federal Maritime Commission) regulated scopes, and may apply to certain cargo already on the water, but not yet discharged or loaded to/from affected Gulf areas.

Maersk is imposing an Emergency Contingency Surcharge on impacted corridors, with revised amounts and effective dates varying by trade lane.

FTA/APSA members are reporting immediate commercial impacts, including increased transit times and schedule unreliability for sea freight, and substantial unplanned costs arising from new conflict and war-risk surcharges.

“Surcharges of this magnitude…represent a material cost increase for Australian importers and exporters and have the potential to compound broader inflationary pressures where costs are passed through supply chains.

FTA/APSA is concerned by the growing use of extraordinary surcharges imposed at short notice, including in circumstances where cargo may already be in transit.

The explicit reference in some carrier notices to FMC and Shanghai Shipping Exchange-regulated scope exclusions highlights that certain jurisdictions apply regulatory frameworks governing how surcharges may be imposed.

FTA/APSA believes this warrants consideration in the Australian context, particularly around transparency, notice expectations, and commercial certainty for cargo owners when extraordinary charges are applied.

“The operational impacts are clear — reduced air cargo capacity through hub closures, extended sea-freight routings and increased schedule volatility,” FTA general manager freight policy and operations and representative of the APSA Tom Jensen said.

“What is hitting Australian importers and exporters immediately is cost.

“Carrier surcharges already announced since the major escalation over recent days run into the thousands of US dollars per container and, in some cases, may apply to cargo already committed.

“For high-volume traders, these are significant, unplanned costs.”

“Where surcharge notices reference exclusions tied to regulated frameworks overseas, it reinforces the question of whether Australia’s current settings provide adequate transparency and commercial certainty for cargo owners.”

Mar 02 - Shipping companies divert vessels around Cape of Good Hope after strikes on Iran
Shipping companies Maersk, Hapag-Lloyd and CMA CGM are rerouting vessels around Africa, away from the Suez Canal and the Bab el-Mandeb Strait, after U.S. and Israeli strikes on Iran and the closure of the Strait of Hormuz. "Due to the deteriorating security situation in the Middle East region following the escalating military conflict, we have decided...to pause future Trans-Suez sailings through the Bab el-Mandeb Strait for the time being," Danish container shipping group Maersk said in a statement on Sunday. 

Mar 02 - Ship insurers cancel war risk cover due to Iran conflict
Several marine insurers said they are cancelling war risk cover for ships due to the conflict in Iran and the Gulf. Insurers including Gard, Skuld, NorthStandard, the London P&I Club and the American Club said their cancellations will take effect from March 5, according to notices dated March 1 on their websites. War risk cover will be excluded in Iranian waters, as well as the Gulf and adjacent waters, according to the notices. 

Feb 27 - Ukraine's grain deliveries to ports rise in February, railway says
Ukraine's grain deliveries to its Black Sea ports for export have risen by 2% so far in February compared with January, but volumes remain below February 2025 levels, state railway Ukrzaliznytsia said on Thursday. The railway said in a report it had delivered about 2 million metric tons of grain so far this month, down 1.4% from a year earlier. 

Feb 27 - South Korea’s MFG tenders for up to 210,000 tons of corn, traders say
South Korea's Major Feedmill Group has issued an international tender to purchase up to 210,000 metric tons of animal feed corn, European traders said on Thursday. The corn is sought in three consignments of 55,000 to 70,000 tons.

Feb 25 - NITRO Shipping Freight Report for Grains

AZOV SEA & BLACK SEA: Azov sea market is dropping down throughout the last and current week. Charterers are targeting low 40's usd pmt fiost ex Yeisk to Marmara for prompt dates for 5'k wbp, sf abt 56'. Owners though are not so keen to drop levels and looking for better paying cargoes. Still same tough situation with Kerch passage remains. 

FAR EAST: Market remains to be weak, due to low activity, due to Chinese New Year and holidays.

CASPIAN SEA: This week, there has been a noticeable uptick in activity in the Caspian Sea: icebreakers have begun escorting several convoys, aided by improved ice conditions in the VKMSK. However, this has not yet had a significant impact on rates. Despite the ongoing tonnage shortage, freight rates continue to decline gradually, as Iranian importers continue to hold down prices for the goods. 

BALTIC SEA: Batltic sea market remains to be stable. Still very complicated ice situation at the Gulf of Finland and Bothnia gulf. Russian exporters face with difficulties to find suitable tonnage ex Baltic ports.

Feb 26 - Shipping group CMB Tech's fourth-quarter core earnings beat expectations
CMB Tech reported fourth-quarter core earnings above market expectations as robust tanker and dry-bulk markets allowed the Belgian shipping group to lock in charters and sell older ships at high prices. Earnings before interest, taxes, depreciation and amortisation came in at $322 million for the quarter ended December, beating the $295.67 million expected by analysts polled by LSEG. 

Feb 26 - South Korea’s NOFI tenders to buy up to 138,000 metric tons corn
Leading South Korean feedmaker Nonghyup Feed Inc. has issued an international tender to purchase up to 138,000 metric tons of animal feed corn, European traders said. Leading South Korean feedmaker Nonghyup Feed Inc. has issued an international tender to purchase up to 138,000 metric tons of animal feed corn, European traders said. Arrival of the corn in South Korea is sought in two consignments of 45,000 to 69,000 tons, both in July with the seller free to decide the tonnage to be offered in this range.

Feb 25 - EU 2025/26 soft wheat exports up 10% by February 22
European Union soft wheat exports since the start of the 2025/26 season in July had reached 15.38 million metric tons by February 22, compared to 15.11 million the previous week and up 10% from a year earlier, European Commission data showed on Tuesday. A breakdown of this season's volumes showed Romania was still the largest EU soft wheat exporter with 4.93 million tons exported so far, followed by France with 4.23 million tons, Poland with 1.75 million tons, Lithuania with 1.74 million tons, and Germany with 1.17 million tons. 

Feb 25 - Algeria buys wheat in tender, talks to continue on Wednesday, traders say
Algeria's state grains agency OAIC has bought milling wheat in an international tender that closed on Tuesday, European traders said. Purchases were reported at around $259 and $260 a metric ton, cost and freight (c&f) included, they said. Earlier reports of trades at $257 were unconfirmed. 

Feb 24 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) decreased 3%. 
- Asia-US East Coast prices (FBX03 Weekly) decreased 1%. 
- Asia-N. Europe prices (FBX11 Weekly) decreased 1%. 
- Asia-Mediterranean prices (FBX13 Weekly) increased 2%. 

- The much-anticipated US Supreme Court decision arrived on Friday, striking down the Trump administration’s use of the International Emergency Economic Powers Act to enact tariffs. The president relied on IEEPA for most of last year’s tariffs, including all the country-specific tariffs and the fentanyl-related duties imposed on China, Mexico and Canada.
- The move triggered a rapid response from the White House, making good on promises to reinstate IEEPA tariffs by other means in the event of a loss. Trump signed an executive order later that day introducing a 10% global tariff based on Section 122 of the Trade Act of 1974, reframing the duty as addressing a balance of payments problem. The president said on social media that he will raise the tariff to 15%, and the administration is reportedly working on an amended order, but the law went into effect Tuesday at 10%, and is valid until late July.
- The ruling keeps de minimis suspended, and leaves Section 232 sectoral tariffs, and Section 301 tariffs on specific trading partners – used in 2018 for duties specific to China – intact too, but along with the long list of previous exemptions to the IEEPA tariffs. The president and other officials stated this week that they will use other means – like 232 and 301 – to restore tariffs before Section 122 expires, though these channels typically take months as they require federal agency investigations before the president can introduce duties.
- The White House already has several Section 232 probes underway and is now reportedly considering opening more. And in addition to reviewing China’s compliance to the terms of its deal with the US during Trump’s first administration, it may also have opened additional China-focused 301 investigations.
The US based the many trade agreements it negotiated in the past year largely on IEEPA tariffs, raising questions as to the deals’ validity and how various trade partners will react. The administration says the US intends to honor these agreements and Trump has threatened counterparts who do otherwise. And while some countries have so far said they will stick to the deals, some high profile partners like the European Union see a 15% blanket duty as a breach of agreed tariff levels for some goods, and have paused steps to implement the agreement until they can receive clarity.
- All-in-all the shift to a global 15% tariff mostly preserves the IEEPA trade barriers: Yale's Budget Lab estimates the change reduces the overall effective US tariff rate by only two percentage points, with impacts varying by country – a five percentage point reduction for China and Vietnam, no change for the EU baseline, a five-point increase for the UK, and the most significant reduction for Brazil (down from 40%). Overall effective tariffs on China remain around 40% due to pre-existing Section 301 duties.
So while in terms of tariff levels not too much has changed for the near term – and as of now the US appears intent on restoring and maintaining tariffs after Section 122 expires too – the more significant implication may be geopolitical.
- Trump relied on IEEPA during this administration because of its speed — it allowed him to credibly threaten immediate tariffs across a wide range of, often non-trade-related, issues, including the recent Greenland drama. With that leverage gone, though we’re still likely to see Trump threaten tariffs that could ultimately materialize, the pace of US trade policy changes, and the frequency of disruptions Trump has caused for freight markets over the past year, could slow significantly.
For US shippers, the immediate question – in addition to the many questions around potential refunds – is whether or not these developments justify frontloading before the July deadline.
- Where the 15% rate represents a meaningful reduction — like for Brazil — we may see a quick increase in volumes. And a five-percentage point reduction for tariffs on goods out of China and Vietnam may be enough to spur frontloading by some shippers, meaning we may see some signs of increased demand as soon as manufacturing restarts post-Lunar New Year in a week or so.
- But, for many shippers, the relatively modest tariff reduction for most countries including China and Vietnam may not be enough to trigger a significant pull forward. And with the White House under cost of living political pressure; facing some open Republican opposition to tariffs; and considering expanding its list of tariff exceptions – some importers may suspect that Trump will hesitate to extend tariffs at the end of July as midterm elections loom. These factors could also keep many importers from frontloading in hopes that the tariff landscape shifts in their favor.
- So, we’ll probably see somewhat stronger US import volumes in the coming months, and possibly an earlier start to peak season, than we otherwise would have, but we may not see the levels of frontloading that tariff threats spurred last year.
- As container rates won’t reflect any, or even a surge of, potential frontloading until after the LNY period, transpacific rates – along with Asia - Europe prices for the same reason – were about stable last week and down from their pre-LNY highs. As rates are likely to rebound on the typical post-LNY backlog bump for all these lanes, it may initially not be possible to attribute rate increases solely to trade war developments.
- Carriers have prevented rates from sliding too far over the past weeks by increasing blanked sailings on these lanes, though they will restore capacity if demand materializes post the holiday. With the current demand lull, the stop and start weather disruptions in N. Europe and the resulting congestion has not pushed rates up. This week’s major blizzard in the northeastern US also shut ports, roads and airports temporarily, but may likewise not be felt in rate levels despite likely delays and congestion.
- In other ocean news, some ZIM vessels in Israel are facing port labor disruptions from union workers opposed to the planned sale to Hapag-Lloyd. And Maersk and MSC have officially taken over operations at the Panama Canal ports previously run by HK Hutchinson, despite Hutchinson’s opposition.

Feb 24 - Air rates - Freightos Air Index

- China - N. America weekly prices decreased 15%. 
- China - N. Europe weekly prices decreased 9%.  
- N. Europe - N. America weekly prices stayed level. 

Finally, for air cargo, the tariff turmoil could, like for ocean freight, be reflected in some increase in US bound volumes in the coming months. But with de minimis still suspended, we’re unlikely to see a big or sudden volume surge for air cargo either. As ex-Asia freight is in its LNY lull, China - US rates dipped by 15% and prices to Europe eased almost 10% last week.

Feb 24 - Uganda wants to link new railway line to Tanzania, opening up new export route
Uganda wants to link a new railway line it is building to one under construction in neighbouring Tanzania, a government document seen by Reuters showed, potentially opening up a new export route for minerals like gold, copper and iron ore. Uganda currently sends the bulk of its commodities exports via the Kenyan port of Mombasa and has already announced plans to link its Standard Gauge Railway project to one being built in Kenya, an initiative that remains in progress.

Feb 24 - South Korea’s KFA bought about 65,000 tons of corn, traders say
The Busan section of the Korea Feed Association (KFA) in South Korea purchased around 65,000 metric tons of animal feed corn in a private deal on Friday without issuing an international tender, European traders said on Monday. The corn can be sourced optionally from the United States, South America or South Africa and was bought at an estimated $245.40 a ton cost and freight (c&f) plus a $1.00 a ton surcharge for additional port unloading. 

Feb 23 - Handysize TA Update: Forward Curve Turns Positive vs Spot (cchartering) 
 
Handysize freight (TA) ex East Coast South America into the Med/Continent has remained highly volatile since H2 2025, with aggressive repricing seen across both the physical and FFA curves.

Back in December, the curve was in backwardation, with forwards trading below spot, reflecting near-term pressure and limited forward confidence. Since then, the structure has shifted materially.
Into 2H January — and more notably February —the forward curve has moved above spot, with Q1, Q2 and Q3 now pricing above current spot levels. This shift points to improved forward sentiment and underlines the market’s sensitivity to any tightening in Atlantic tonnage.
From a trading perspective, load timing has become increasingly critical in the current environment.
Bottom line: with the forward curve now carrying a premium to spot — a clear reversal from December — owners and charterers who optimize cargo timing are best positioned to capture the ongoing volatility. (Spain  7000/4000 sshex )
30.000/10 SBM in Bulk 53/54 cbft                  15 DECEMBER    Q1     Q2     Q3
San Lorenzo, Argentina to Barcelona, Spain       USD 56.40        51.40 51.40 52.70
                                                                     15 FEBRUARY     Q2     Q3     Q4
                                                                     USD 59.10        63.50 61.80  60.80
30.000/10 – Paranagua, Brazil to Barcelona,     15 DECEMBER    Q1      Q2     Q3
                                                                     USD 47.00        42.30 42.30  43.40
                                                                     15 FEBRUARY     Q2      Q3     Q4
                                                                     USD 50.50        54.50 53.00  52.10

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Feb 23 - Algeria tenders to buy nominal 50,000 metric tons soft milling wheat, traders say
Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Sunday. The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought.

Feb 23 - Turkey tenders to buy and import 350,000 metric tons corn, traders say
Turkey's state grain board TMO has issued an international tender to purchase and import a total of 350,000 metric tons of animal feed corn, European traders said on Friday. The deadline for submission of price offers in the tender is February 26, they said.

Feb 20 - Brazil sends first sorghum shipment to China in a decade
Brazil exported its first shipment of sorghum to China since 2014 in January, but in a volume small enough to fit inside a single shipping container, according to Brazilian government data seen by Reuters. The shipment of 25.83 metric tons was Brazil's first to the Asian country in 12 years, shortly after 10 trading companies were authorized to export the grain to China last November. 

Feb 20 - Ukraine's grain, iron ore exports hit by Russian strikes on ports this winter
Russian airstrikes on Ukraine's Black Sea ports late last year have reduced their capacity and harmed Ukrainian agricultural and mineral exports, industry sources said, the country's main source of income during its four-year war with Russia. The Odesa region of southern Ukraine - home to a large shipping hub with terminals in the ports of Odesa, Chornomorsk, and Pivdennyi - has been targeted since the early days of Russia's full-scale invasion in 2022.

Feb 19 - NITRO Shipping Freight Report for Grain.

AZOV SEA & BLACK SEA: Azov sea market remains to be firm due to heavy delays of vessels at Kerch and complicated ice situation at Rostov, Azov and Yeisk. Waiting time for Kerch passage reaches 10-20 days sometimes which significantly delays voyages execution and fails next contracted employment of the vessels. Owners particularly avoid calling Rostov these days due to poor ice breaker assistance. 

FAR EAST: Freight market remains stable, we see low activity due to Chinese New Year and holidays in the region.

CASPIAN SEA: In the Caspian Sea, demand for tonnage remains extremely high due to delays caused by severe ice conditions, with some vessels waiting for the ice caravan for up to three weeks. Following the introduction of quotas on 15.02, charterers expected a correction in freight rates, but the ongoing delays have kept the situation unchanged. Availability in Astrakhan, Makhachkala, and Aktau remains tight, sustaining elevated freight levels across the region. 

BALTIC SEA: Ongoing winter supports further ice forming in the Baltic sea. Russian ports become hardly accessible due to ice and owners with no ice class prefer to avoid calling Russian Baltic sea due to complicated ice situation. Freight rates rising substantially as there is a lack of ice classed tonnage.

Feb 19 - Argentine maritime workers' labor reform strike halts grain shipments
Argentine maritime workers from the country's maritime workers federation FESIMAF launched a 48-hour strike on Wednesday over a planned labor reform, which the country's grain exporters' chamber said was paralyzing shipments in the nation's ports. Argentina is a top global supplier of grains, and the world's largest exporter of soybean oil and meal.

Feb 19 - Jordan issues tender to buy up to 120,000 metric tons wheat, traders say
Jordan's state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat that can be sourced from optional origins, European traders said on Wednesday. The deadline for submission of price offers in the tender is February 24.

Feb 18 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) decreased 2%. 
- Asia-US East Coast prices (FBX03 Weekly) decreased 12%. 
- Asia-N. Europe prices (FBX11 Weekly) decreased 5%. 
- Asia-Mediterranean prices (FBX13 Weekly) decreased 4%. 

US steps toward maritime protectionism aimed at reviving the US shipbuilding industry resurfaced this week for the first time since the suspension of proposed port call fees on Chinese vessels late last year.
- The administration’s Maritime Action Plan – which does not give a timeline for implementation features a long list of possible steps including a proposal for port fees of between one and twenty five cents per kilo of freight arriving on foreign-buillt vessels. Ocean expert Lars Jensen estimates these fees would range from about $150/FEU for a one cent per kilo charge to a maximum of a prohibitive $3,750/FEU.
- Other recent US trade-related developments include the White House considering lowering steel and aluminum tariffs for consumer goods, a – symbolic, but partially Republican-backed – House of Representatives bill passed last week invalidating tariffs imposed on Canada last year, marking the highest profile challenge yet by Republicans to Trump’s tariffs, and rising tensions in the Panama Canal port operations dispute, with Hutchinson Ports threatening legal action against Maersk’s terminal operator if it takes steps to take over the disputed ports.
- One impact of the US trade war has been a diversification of trade partners and increase of commerce between non-US economies, with several long-running negotiations being spurred to completion as a result, including a EU - Australia trade agreement which is nearing completion. Likewise, this trend of exporting countries seeking alternative sources for growth is also being reflected in ocean freight flows, with carriers shifting some capacity and resources to Far East - W. Africa lanes as demand increases. This shift may also be a factor in recent service reductions on the transatlantic.
- Hapag-Lloyd has agreed to acquire ZIM, marking the most significant acquisition in the container market in quite some time. The deal requires shareholder and various regulatory approval and if approved won’t be completed until late this year.
- With the purchase Hapag-Lloyd will remain the fifth largest carrier by capacity, but adding ZIM – currently the tenth largest carrier with more than 700k TEU according to Alphaliner – would push it closer to the number four spot with more than three million TEU combined. That capacity will help Hapag-Lloyd, whose Gemini Cooperation partner Maersk was also a bidder, increase its overall market share, particularly on the Far East - N. America and transatlantic lanes.
- Container rates continued to ease on east-west lanes last week as the Lunar New Year holiday period got underway. Asia - US East Coast prices fell 12% to about $3,000/FEU and back to early December levels before pre-LNY demand picked up. Asia - N. Europe rates dipped 5% to about $2,400/FEU, also back to December levels while prices to Mediterranean ports fell 4% to $3,600/FEU but remain several hundred dollars above its level in December.
- The end of pre-LNY demand is letting rates slide on Asia - Europe lanes even as weather disruptions continue to cause significant delays and backlogs at many Western Med and N. Europe ports and carriers introduce disruption surcharges on some lanes. Strong winds and high waves which have come and gone several times over the last few weeks made N. Atlantic transits difficult again mid-last week. Conditions improved and operations resumed over the weekend and carriers don’t expect additional weather disruptions this week.
- Carriers will blank a significant number of sailings across these lanes over the holiday period, which should slow the rate decline. The FBX Global benchmark rate is 44% lower than it was last year, pointing to the impact of a growing fleet, which is also starting to be reflected in falling carrier revenue.

Feb 18 - Weekly Air rates - Freightos Air Index

- China - N. America weekly prices increased 1%. 
- China - N. Europe weekly prices increased 8%. 
- N. Europe - N. America weekly prices increased 4%. 

Air cargo rates from China to the US remained elevated last week at $7.40/kg and prices to Europe increased 8% to $3.60/kg, possibly reflecting some last minute pre-LNY push, though pre-holiday demand was reportedly subdued compared to typical volume increases this time of year.

Feb 18 - 'Exports to China look dismal,' leader of busiest US seaport says
Exports from the Port of Los Angeles, the busiest U.S. gateway for ocean trade, fell 8% in January to the lowest monthly output in nearly three years, Executive Director Gene Seroka said on Tuesday. "Exports to China look dismal," Seroka said after the Port of Los Angeles handled 104,297 20-foot equivalent units of loaded export containers in January.

Feb 18 - Group in Thailand tendering to buy at least 60,000 tons feed wheat, traders say
The TFMA group of importers in Thailand has issued an international tender to purchase at least 60,000 metric tons of animal feed wheat, European traders said on Tuesday. The deadline for submission of price offers is Wednesday, February 18.

Feb 17 - Russian wheat export prices up as shipping difficulties continue
Russian wheat export prices rose last week as weather conditions continued to seriously hamper shipments from the country's southern ports, analysts said. The price of Russian wheat with 12.5% protein content for free-on-board delivery in the second half of March was $233.0 a metric ton at the end of last week, up $2 compared to the previous week, said Dmitry Rylko, head of the IKAR consultancy.

Feb 17 - Trafigura's Nyrstar ships first antimony batch from Australia plant
Trafigura unit Nyrstar has shipped its first consignment of commercial-grade antimony from its Port Pirie metals processing facility in South Australia, it said on Monday, a milestone in the country's push to strengthen domestic supply chains for critical minerals. The inaugural shipment from the facility will be supplied to a domestic manufacturer, the company said in a statement.

Feb 16 - Indonesia studying plan to ban export of several raw materials, including tin
Indonesia is studying a plan to ban the export of more raw materials in the coming years, including tin, its energy minister said on Friday as it bids to boost its domestic processing industries. Indonesia has already banned exports of several raw minerals including nickel ore, bauxite and copper concentrate to attract investment in domestic processing and export higher value products. 

Feb 16 - South Korean milling group buys about 50,000 tons of US wheat, traders say
A group of South Korean flour mills bought an estimated 50,000 metric tons of milling wheat to be sourced from the United States in an international tender, European traders said on Friday. The purchase involved several wheat types and was all bought free on board for shipment between June 1 and June 30.

Feb 13 - Global shipping industry sticks with green investments, despite carbon price delay
The shipping industry's biggest players are shrugging off Trump administration opposition to a global carbon price and are forging ahead with billions of dollars in emissions-reducing investments, according to company officials and a Reuters analysis of data. Europe, Brazil and a host of other nations are pushing the sector, which is responsible for nearly 3% of the world's greenhouse gas emissions, to go green.

Feb 13 - Ukraine grain deliveries to ports so far in 2026 lag last year's despite Feb rise
Grain shipments to Ukrainian ports so far this year lag behind last year's levels despite increases since the start of February, state railway company Ukrzaliznytsia said on Thursday. Officials and analysts say that Russia's attacks on Ukrainian ports and energy infrastructure have significantly complicated both the delivery and shipment of goods for export.

Feb 12 - Handysize – Voyage Freight vs FFA vs Spot Hire Levels (CChartering)

- After the sharp drop seen in December and January, the Handysize market is now showing a clear divergence between FFA levels, voyage freight and spot hire. Spot Handysize timecharter rates have rebounded to around USD 21,000/day (vs USD 19,500/day at the end of January), while the February FFA is trading near USD 11,625/day, leaving a wide premium of roughly USD 9,400/day of spot hire over paper and indicating that the physical market is recovering faster than the derivatives market.
- Voyage freight is also firming again across the main ECSA and USG routes to Morocco. Current indications for 30,000 mt corn cargoes are holding in the high USD 30s to low USD 40s/mt from ECSA and around the high USD 30s/mt from the USG, with forward March and Q2 values generally pricing above spot. This firmness in voyage freight is consistent with the improvement seen in spot earnings and reflects healthier cargo demand.
- The forward FFA curve has repriced higher, with March and Q2 trading in the mid-USD 14,000/day range and Q3–Q4 remaining relatively steady. Although FFAs are moving up, they still lag the strength observed in voyage freight and spot hire, suggesting improving fundamentals and a tighter short-term outlook for the Handysize market.

30.000/10 Corn in Bulk 43/44 cbft – Voyage Freight  in US$                      spot   MAR      Q2        Q3
30.000/10 – UPR, Argentina to Casablanca, Morocco 7000/4000 fshex    41.70    45.10    45.10    43.60
30.000/10 – Paranagua to Casablanca, Morocco 7000/4000 fshex           35.70    38.80    38.80    37.70
            
30.000/10 – Houston, USA to Casablanca, Morocco 8000/4000 fshex        37.20    40.30  40.30    39.20
30.000/10 – Constanza, ROM to Casablanca, Morocco 8000/4000 fshex    19.80    22.40   22.40    21.40

Feb 12 - FranceAgriMer cuts non-EU soft wheat export forecast by 300,000 tons
Farm office FranceAgriMer on Wednesday reduced its forecast for French soft wheat exports outside the European Union in 2025/26 by 300,000 metric tons to 7.20 million as competition from Argentine wheat continued to weigh. The third consecutive reduction in its non-EU export forecast was only partly compensated by a small rise in expected shipments within the bloc to 7.56 million tons from 7.51 million previously, it said in a monthly supply and demand outlook for the EU's largest wheat producer.

Feb 12 - Ukraine will complete 2025 corn harvest in March, says deputy minister
Ukraine intends to complete the 2025 corn harvest in March, but expects a decline in quality, deputy economy minister Taras Vysotskiy was quoted as saying on Wednesday. Farmers began harvesting last year's corn crop with a significant delay due to unfavourable weather conditions, and about 7% of the sown area remains unharvested, Vysotskiy told Censor.net internet newspaper.

Feb 11 - NITRO SHIPPING Freight Report for Grains

AZOV SEA & BLACK SEA: The Azov Sea market remains firm; however, some traders have paused fixing as current freight levels offer little to no profit. Heavy ice conditions persist in Rostov, Azov, and Taganrog, prompting owners to prefer ice-free ports such as Yeisk and Temryuk. Nevertheless, vessels still face waiting times of up to 1–2 weeks south of Kerch for underwater inspection and permission to transit the Kerch Strait.The grain export quota has now been allocated, with major deep-sea exporters securing a significant share. As a result, coaster charterers in the Azov Sea region have obtained limited wheat export volumes through mid-June. This situation does not support freight levels and dampens market sentiment.

FAR EAST: Far East Market remains stable this week. Shipoweners prefer fixing vessels for long voyages, due to Chinese New Year and holidays.

CASPIAN SEA: Demand for tonnage in the Caspian Sea remains abnormally high amid a severe vessel shortage. Due to harsh ice conditions, vessels have been awaiting ice convoys for over two weeks.Shipowners strengthened their positions ahead of the quota introduction: rates from Astrakhan exceeded usd 40 pmt fios with some spot charterers reportedly willing to pay up to usd 45 pmt fios Rates from Makhachkala and Aktau also increased slightly on the back of strong tonnage demand. 

BALTIC SEA: The Baltic Sea market firmed up further due to low temperatures and the ongoing ice campaign in Russian and Finnish ports. As of 19 February, Russian ports are accessible only to ice-classed tonnage, which has driven rates up significantly due to the shortage of suitable vessels compared to the number of cargoes to be fixed.This particularly affects Handy/Supra and Panamax cargoes out of Russian Baltic ports. Coaster rates have also increased substantially.

Feb 11 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) decreased 21% to $1,916/FEU.  
- Asia-US East Coast prices (FBX03 Weekly) decreased 10% to $3,457/FEU. 
- Asia-N. Europe prices (FBX11 Weekly) decreased 8% to $2,548/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) decreased 9% to $3,784/FEU. 

- The transpacific container market is firmly post the pre-Lunar New Year rush this year, with reports that demand increase that did materialize was muted. And while ocean rates typically ease as the holiday approaches, they normally remain elevated relative to levels before the rush until after the post-holiday backlog is cleared.
This year, however, Asia - US West Coast rates that slipped more than 20% last week to about $1,900/FEU are all the way back to early December levels, suggesting that prices are already entering the post-LNY, pre-peak season lull. The latest National Retail Federation US ocean import report projects March volumes will dip 5% month-on-month, with Q1 demand expected to be down 7% year on year as retailers exercise caution and as totals are compared to volumes frontloaded in Q1 last year.
- US container ports and air hubs have mostly recovered from the recent winter storm, though backlogs at inland rail terminals continue to cause delays for shippers. Bad weather in Europe closed ports in the Western Mediterranean and disrupted transits in the Bay of Biscay for a second time towards the end of last week. As conditions have improved this week operations and transits have resumed, though carriers warn of congestion and delays due to disrupted schedules.
- Despite the congestion, easing pre-LNY demand means cooling rates on these lanes as well, with Asia - N. Europe and Mediterranean prices both down more than 8% last week, and daily rates so far this week slipping further to $2,700/FEU to Europe and $3,700/FEU to the Med. Though prices to Europe are about down to pre-LNY rush levels, those December rates were supported by strict capacity reduction, and expectations for a post-LNY bump on these lanes are reflected in GRIs of several hundred dollars per FEU planned for March.
- Record global container volumes last year weren’t enough to keep carrier revenue growing as the global fleet continues to expand – likely a sign of things to come. Hapag-Lloyd and Maersk both reported drops in earnings last year, with Maersk among carriers reporting losses for the first time in a long time in Q4 despite volume growth. And as a clear indication of the current uncertainty in the market, even with projections for demand growth again this year, Maersk forecasts either a profit or loss of around $1B for 2026, mostly hinging on whether or not container traffic returns to the Red Sea.
- In trade war developments, President Trump signed executive orders codifying tariff reductions for India, and empowering the departments of commerce and state with the discretion to impose tariffs on countries trading with Iran or selling oil to Cuba – examples of a new kind of authority-backed tariff threat as compared to declarations on social media. Hutchinson Ports is seeking arbitration with Panama over the recent invalidation of their port operation concessions there, with China reportedly asking state companies to pause any development plans in Panama in retaliation.

Feb 11 - Weekly Air rates - Freightos Air Index

- China - N. America weekly prices increased 9% to $7.32/kg. 
- China - N. Europe weekly prices decreased 3% to $3.33/kg.  
- N. Europe - N. America weekly prices increased 1% to $2.56/kg. 

- Global air cargo volumes are projected to increase this year, though not as quickly as last year and at a big step down from the rapid e-comm driven rise in 2024. There are indications that China-US e-commerce volumes have contracted since the de minimis closure last year, and signs that e-comm growth to Europe is slowing. The EU is set to change their de minimis rules by 2028, and will assign a handling fee to low-value imports starting in July. But some EU countries are already charging for parcel imports – with reports of falling e-comm air volumes as a result – and opposition to de minimis from domestic retailers continues to grow, with objections by businesses in Poland the latest example.
- Freightos Air Index data show China - N. America rates continued to climb last week, up 9% to more than $7.30/kg possibly reflecting some pre-LNY bump. And the pre-Valentine’s Day surge of S. American flower exports has prices to N. America at $2.10/kg and to Europe at $1.95/kg up 8% and 17% respectively compared to the end of January.

Feb 11 - Ukraine wheat exports remain low in the face of logistics strife, union says
Wheat exports from Ukraine remain at an extremely low level so far in February, with only 27,000 metric tons leaving the country out of 700,000 tons contracted for the month, farmers union UAC said on Tuesday.

Feb 11 - France raises winter soft wheat and rapeseed planting estimates 
France's farm ministry on Tuesday increased slightly its estimates for sowings of winter soft wheat and winter rapeseed for the 2026 harvest, confirming its expectation of an expanded area for both crops this year. For winter soft wheat, France's country's main cereal crop, the ministry now expects the 2026 area to reach 4.59 million hectares, up slightly from its initial projection of 4.56 million in December, it said on Tuesday.

Feb 10 - Brazil's 2025/26 soybean harvest reaches 16% of area, AgRural says
Brazilian farmers had harvested 16% of their 2025/26 soybean crop as of last Thursday, agribusiness consultancy AgRural said on Monday, up 6 percentage points from the previous week and just topping the 15% reported a year earlier. Work continues to be driven by Mato Grosso state, with harvesting conducted during breaks in the strong rainfall, AgRural said.

Feb 10 - India's sponge iron boom rides to rescue South African coal: Russell
Finding bullish exporters of thermal coal has been tricky of late given soft prices, lower demand from heavyweight buyers China and India, and for Indonesian miners an additional headache of uncertainty over government policy. But there is one group of coal exporters that seem quite ebullient. South Africa's miners are looking forward to increased demand from their top buyer India as well as improving rail infrastructure that will allow for higher volumes.

Feb 09 - Export flurry boosts EU barley market to ease grain glut
European Union barley exports could reach a 10-year high this season as brisk feed demand overseas and reduced competition from the Black Sea region help the EU to shift a large harvest. The rush of demand for European feed barley has provided relief for producers struggling with low prices in a heavily supplied global grain market. 

Feb 09 - Brazilian soy exports to soar through February despite slow sales by farmers, analysts say
Sales by Brazilian farmers of the new soybean crop have lagged previous years, though that will not prevent the world's largest producer and exporter of the oilseed from shipping high volumes through February, according to analysts and shipping data. Preliminary data based on shipping schedules from grain exporter group Anec suggest Brazil's soybean exports could reach 14 million metric tons from January through February.

Feb 06 - Russia's early crop condition data signals good 2026 harvest
The share of Russian crops in normal condition as of February 5 stood at 97% compared to 87% in the same period of 2025, Deputy Prime Minister Dmitry Patrushev said on Thursday, with analysts suggesting the data signaled a good harvest. Extreme weather, especially in the bread basket southern regions, affected the harvest in 2025 in Russia, the world's largest wheat exporter. 

Feb 06 - Jordan tenders to buy 120,000 metric tons feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers is February 11.

Feb 05 - Algeria believed to have bought around 200,000 tons feed barley in tender on Tuesday, traders say
Algerian state agency OAIC is believed to have purchased around 200,000 tons of animal feed barley to be sourced from optional origins in an international tender on Tuesday, European traders said on Wednesday. Traders had reported the purchase on Tuesday night but had not been able to estimate the tonnage bought in the tender, which sought a nominal 50,000 tons. 

Feb 05 - Turkey tenders to buy and import 255,000 metric tons feed barley, traders say
Turkey's state grain board TMO has issued an international tender to purchase and import about 255,000 metric tons of animal feed barley, European traders said on Wednesday. The deadline for submission of price offers in the tender is February 11.

Feb 04 - NITRO SHIPPING Freight Report for Grains

AZOV SEA & BLACK SEA: Azov sea market firming up due to lack of vessels. They are still delaying due to waiting at Kerch strait and at ice covered Rostov and Azov. Freigth rates ex Yeisk to Marmara reached usd 50 pmt fiost bss 5'k wheat in prompt dates. Owners prefer to load from Yeisk/Temryuk or even trying to find cargoes out of Azov sea ports to avoid very long waiting. 

FAR EAST: Far East market remains firm.

CASPIAN SEA: The Caspian basin market continues to experience abnormally high demand for tonnage, while the supply of vessels is limited due to severe ice conditions. Due to the overheated market before the introduction of the export tariff quota for grain exports (wheat, barley, rye, corn) from February 15 to June 30, 2026 shipowners have significantly strengthened their positions, raising rates from Astrakhan to over usd 40 prt fiost. Rates from Makhachkala and Aktau remain at last week's levels, with minor fluctuations. 

BALTIC SEA: Baltic sea market is rising. Especially rates are going up from ice covered ports. Russian Finland gulf ports introducing first ice restrictions due to low temperatures forming more ice.

Feb 04 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) decreased 10% to $2,418/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) decreased 2% to $3,859/FEU. 
- Asia-N. Europe prices (FBX11 Weekly) decreased 5% to $2,779/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) decreased 5% to $4,179/FEU. 
 
- Winter weather is complicating logistics on both sides of the Atlantic. Affected areas in the US, especially the southeast and southern midwest are still recovering from last week’s major storm and cold. Storms in the North Atlantic slowed vessel traffic and disrupted or shutdown operations at several container ports across Western Europe and into the Mediterranean late last week. Transits resumed and West Med ports restarted operations earlier this week, but the disruptions have already caused significant delays, and weather is expected to worsen again mid-week.

- The resulting delays and disruptions could increase congestion levels at N. Europe ports, but ocean rates from Asia to both N. Europe and the Mediterranean nonetheless dipped 5% last week as the pre-Lunar New Year rush comes to an end. Daily rates this week are sliding further with prices to N. Europe now down to about $2,600/FEU and $3,800/FEU to the Mediterranean – from respective highs of $3,000/FEU and $4,900/FEU in January.

- Transpacific rates likewise slipped last week as LNY nears, with West Coast prices easing 10% to about $2,400/FEU and East Coast rates down 5% to $3,850/FEU. West Coast daily prices have continued to slide so far this week, with rates dropping to almost $1,900/FEU as of Monday, a level last seen in mid-December.
Prices across these lanes are significantly lower than this time last year due partly to fleet growth. ONE identified overcapacity as one driver of Q3 losses last year, with lower volumes due to trade war frontloading the other culprit.
And trade war uncertainty has persisted into 2026.

- India - US container volumes have slumped since August when the US introduced 50% tariffs on many Indian exports. Just this week though, the US and India announced a breakthrough in negotiations that will lower tariffs to 18% in exchange for a reduction in India’s Russian oil purchases among other commitments. President Trump has yet to sign an executive order lowering tariffs, and the sides have not released details of the agreement, but once implemented, container demand is expected to rebound on this lane.
Recent steps in the other direction include Trump issuing an executive order that enables the US to impose tariffs on countries that sell oil to Cuba, and threatening tariffs and other punitive steps targeting Canada’s aviation manufacturing.

- The recent volatility of and increasing barriers to trade with the US since Trump took office last year are major drivers of the warmer relations and increased and diversified trade developing between other major economies. The EU signed a major free trade agreement with India last week just after finalizing a deal with a group of South American countries, and other countries like the UK are exploring improved ties with China as well.

- In a final recent geopolitical development, Panama’s Supreme Court nullified Hutchinson Port rights to operate its terminals at either end of the Panama Canal. The Hong Kong company was in stalled negotiations to sell those ports following Trump’s objection to a China-related presence in the canal. Maersk’s APMTP was appointed to take over operations in the interim.

Feb 04 - Weekly Air rates - Freightos Air Index

- China - N. America weekly prices increased 8% to $6.74/kg. 
- China - N. Europe weekly prices decreased 4% to $3.44/kg. 
- N. Europe - N. America weekly prices increased 10% to $2.53/kg. 

In air cargo, pre-LNY demand may be one factor in China-US rates continuing to rebound to $6.74/kg last week from about $5.50/kg in early January. Post the new year slump, South East Asia - US prices are climbing as well, up to almost $5.00/kg last week from $4.00/kg just a few weeks ago.
China - Europe rates dipped 4% to $3.44/kg last week, with SEA - Europe prices up 7% to more than $3.20/kg, and transatlantic rates up 10% to more than $2.50/kg, a level 25% higher than early this year.

Feb 04 - Peak coal may be elusive, but peak seaborne coal is here: Russell
The headline news that global coal demand reached a record high in 2025 masks some important underlying shifts in how the fuel is being produced, traded and used. The trend of coal production, shipping and demand shifting toward Asia has been in place for decades, but 2025 saw a shift insofar as less coal was shipped around the region even as more of the fuel associated with climate change was consumed.

Feb 04 - EU 2025/26 soft wheat exports at 12.82 million tons by February 1
European Union soft wheat exports since the start of the 2025/26 season in July had reached 12.82 million metric tons by February 1, compared with 12.38 million tons the previous week and unchanged from a year earlier, European Commission data showed on Tuesday. A breakdown of this season's volumes showed Romania was still the largest EU soft wheat exporter with 4.08 million tons exported so far, followed by France (3.87 million tons), Lithuania (1.68 million tons), Germany (1.10 million tons) and Latvia (0.75 million tons).

Feb 03 - Taiwan bought estimated 106,350 tons wheat of US-origin, traders say
The Taiwan Flour Millers' Association purchased an estimated 106,350 metric tons of milling wheat to be sourced from the United States in a tender late last week, European traders said on Monday. The purchase involved various wheat types bought in two consignments for shipment from the U.S. Pacific Northwest coast.

Feb 03 - Ukraine's farm exports stable in January at 5 million tons, lobby says
Exports of agricultural products from Ukraine remained stable at 5 million metric tons in January compared to December, farm lobby UCAB said on Monday. Ukraine is a global major producer and exporter of grain, vegetable oils and oilseeds.

Feb 02 - Global sugar surplus seen 800,000 tons smaller at 2.86 mln tons, says broker
The global sugar surplus, or the production that exceeds demand, was projected on Friday to have decreased 800,000 metric tons from a previous forecast due to smaller output from Brazil and Thailand, broker and analyst StoneX said. The broker estimated the sugar market surplus at 2.86 million tons in the 2025/26 season that started in October, down from 3.66 million tons in November. It sees global production at 196.7 million tons while demand was projected at 193.8 million tons.

Feb 02 - Algeria tenders to buy nominal 50,000 metric tons feed barley, traders say
Algeria's state grains agency OAIC has issued an international tender to buy a nominal 50,000 metric tons of animal feed barley to be sourced from optional origins, European traders said on Sunday. The deadline for submission of price offers in the tender is Tuesday, February 3, with offers having to remain valid until Wednesday, February 4.

Jan 30 - Global cocoa market set for 267,000 ton surplus in 2026/27, broker StoneX says
The global cocoa market is expected to reach a surplus of 267,000 metric tons in 2026/27 owing to increased cultivation and acreage driven by the price surge since 2023, StoneX said on Thursday in its first estimate for the coming season. Adverse weather and disease in top growers Ivory Coast and Ghana helped cocoa prices to nearly triple in 2024 and remain at historically elevated levels last year, prompting growers the world over to invest in the crop.

Jan 30 - Jordan tenders to buy 120,000 metric tons of feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for the submission of price offers in the tender is February 4.

Jan 29 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov Sea market remains firm. Vessels continue to experience significant delays at Kerch and in the Azov Sea due to ice conditions. As a result of these delays, vessels' availability for February fixing is limited, forcing charterers to pay higher rates to secure tonnage. Market participants do not expect rates to increase further and anticipate them to remain at current levels, as the relatively strong rouble against the USD continues to weigh on export competitiveness.

FAR EAST: Far East market strengthens slightly ahead of Chinese holidays.

CASPIAN SEA: The Caspian sea market is showing signs of recovery amid robust demand from Iranian importers. Freight rates are further fueled by the tense ice conditions at the VKSMK: severe frosts have resulted in dense ice formation, and icebreaker assistance is being significantly delayed. As of today, approximately 50 vessels have accumulated at the Astrakhan seaport. Shipowners are trying to consider loading in the ports of Aktau and Makhachkala. 

BALTIC SEA: Baltic sea market is firm. Ice is forming in the Eastern and Northern part of the Baltc sea due to low temperatues. Freight rates are rising accordingly from ice port.

Jan 29 - Tunisia buys estimated 100,000 tons soft wheat and about 100,000 tons durum in tender, traders say
Tunisia's state grains agency is believed to have purchased about 100,000 metric tons of soft milling wheat and about 100,000 tons of durum in an international tender for the same volume on Wednesday, European traders said. The soft wheat and durum were both bought in four 25,000 ton consignments and all can be sourced from optional origins and was all bought on cost and freight included terms.

Jan 29 - Ukraine shows first indicative prices for 2026 rapeseed harvest, farmers union says
The first indicative prices for new Ukrainian 2026 rapeseed harvest are in the range of $510-$520 per metric ton CPT port (Carriage Paid To) Black Sea, versus $540-$550 at the end of January, leading Ukrainian farmers union UAC said on Wednesday. Ukraine is a major European rapeseed grower and exporter. The country harvested around 3.7 million tons of rapeseed in 2024 but the harvest fell to 3.3 million tons in 2025 mostly due to unfavourable weather.

Jan 28 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) stayed level at $2,675/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) stayed level at $3,928/FEU. 
- Asia-N. Europe prices (FBX11 Weekly) increased 1% to $2,926/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) decreased 5% to $4,385/FEU. 

Almost as abruptly as President Trump’s tariff and possibly military threats related to Greenland came, they went. Trump called off the proposed tariffs on eight NATO allies following talks with NATO leadership in Davos last-Wednesday that the president said yielded an accepted framework for a future deal.

- This chain of events joins several other examples of Trump threatening and then scrapping tariffs due either to concessions gained, backlash, or both since taking office last year. President Trump issued more tariff threats on social media this week, promising 25% tariffs on all exports from South Korea if parliament does not pass the bill approving the terms of the US-Korea trade deal negotiated last year. And, prompted by Canada’s recent trade agreement with China centering on Chinese EVs and Canadian canola seeds, Trump also threatened Canada with 100% tariffs if it enters a comprehensive free trade deal with China.

- This development reflects growing tensions between the US and Canada ahead of a possible US review of the USMCA this summer. In addition to resolving tariff issues with China, Canada is also holding trade cooperation talks with India, as they and other countries are increasingly looking to diversify away from an over-reliance on the US as trade tensions stretch on.
- Asia - Europe ocean rates were level to N. Europe and dipped 5% to the Mediterranean as the pre-Lunar New Year rush starts to ease. A five-day rail worker strike in Belgium started on Sunday which could cause delays and additional congestion in Antwerp and knock-on impacts on ports like Rotterdam and Hamburg, which are already struggling with congestion.
- Transpacific container prices were stable last week as well, with reports that carriers are starting to offer discounts. Rates starting to slide a little earlier than usual suggests carriers are working to capture volumes that may be proving weaker than expected, as retailers exercise caution in ordering decisions given the trade war-driven uncertainty.
- The massive winter storm that brought snow, sub-zero temperatures and ice to much of the northeast, southeast and parts of the midwest US over the weekend significantly disrupted rail services, road transport and container port operations across the impacted regions. Ports in the southeast have started to recover slowly, but as snowfall in the northeast continued through Monday, the major hubs including New York/New Jersey remained closed.

Jan 28 - Weekly Air rates - Freightos Air Index

- China - N. America weekly prices increased 14% to $6.22/kg. 
- China - N. Europe weekly prices decreased 1% to $3.57/kg. 
- N. Europe - N. America weekly prices increased 7% to $2.3/kg. 

- Air cargo rates from China to the US climbed to more than $6.20/kg and back to early January levels, with prices increasing 9% to $4.57/kg out of South East Asia, possibly helped by storm-driven backlogs and the beginning of some pre-LNY frontloading. China - Europe rates were level at about $3.60/kg.

- The storm also led to more than 11,000 flight US cancellations on Sunday – the most since the pandemic – with that number dropping to 6,000 on Monday as some southeast and midwest airports were able to restart. Still, more than 1,000 Tuesday flights were scrapped, now concentrated in the northeast. Extremely cold temperatures that may linger and keep conditions icy could slow the speed of recovery.

- The possibility of a US strike on Iran is leading several European carriers to cancel flights to the Middle East, with rising tensions also relevant to ocean freight as the Houthis have threatened to renew attacks on passing vessels in the event of US military action.

Jan 28 - Tunisia tenders to buy 100,000 tons soft wheat and 100,000 tons durum wheat, traders say
Tunisia's state grains agency has issued an international tender to purchase about 100,000 metric tons of soft milling wheat and 100,000 tons of durum wheat, European traders said on Tuesday. The origin was optional. The deadline for submission of price offers in the tender is Wednesday, January 28.

Jan 28 - Jordan gets 4 participants so far in 120,000 ton wheat tender, traders say
Four trading companies are believed to be taking part so far in the international tender on Tuesday from Jordan’s state grains buyer to purchase 120,000 metric tons of wheat, traders said in initial assessments. Trading houses participating so far were believed to be Cargill, CHS, Buildcom and Ameropa.

Jan 26 - BHP ships Jimblebar iron ore to Malaysia, Vietnam as China ban stalls sales
BHP Group has shipped iron ore cargoes barred from sale in China to Malaysia and Vietnam, seeking alternative buyers as its stocks of Jimblebar pile up at Chinese ports amid a protracted contract dispute with Beijing. China Mineral Resources Group, set up in 2022 to centralise iron ore purchasing and win better terms from miners, barred Chinese steel mills and traders from buying BHP's Jimblebar Blend Fines, a type of medium-grade iron ore, last September during talks over a new contract that have still not concluded.

Jan 26 - Brazil arabica farmers eye crop improvements, conilon growers expect a decline in output
Arabica coffee growers in Brazil expect this year's harvest to match or slightly exceed 2025's crop, while canephora growers in Espirito Santo state forecast yields will fall, farmers told Reuters. According to forecasts from Brazil's national crop agency Conab in December, arabica coffee production in 2025 was seen declining by 9.7% to 35.8 million 60-kilogram bags, while canephora output, including robusta and conilon varieties, rose 42% to 20.8 million bags. 

Jan 23 - Brazil traders see January soy shipments missing exporters' outlook
Some Brazilian traders say soybean exports in January are likely to miss grain exporters' association Anec's forecast released on Tuesday, while Anec told Reuters it is reconsidering its estimate for 3.8 million metric tons of shipments this month. In a statement, Anec said its monthly estimate, far above the 1.1 million tons shipped in January 2025, was based on shipping schedules. 

Jan 23 - Jordan tenders to buy 120,000 metric tons of feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers in the tender is January 28.

Jan 22 - NITRO SHIPPING Freight Report for Grains

AZOV SEA & BLACK SEA: Freight rates from Azov sea have risen considerably over the week due to heavy congestion at Kerch. Also ice is forming at Azov sea and especially at Azov and Rostov due to low temperatues. Owners prefer to avoid calling Azov and Rostov and looking something from ice free ports. Charterers have to pay up to secure the tonnage. Charterers are paying high 40's usd pmt ex Rostov to Marmara for 5'k vsl in prompt. 

FAR EAST: Far East market remains the same, at the low levels.

CASPIAN SEA: The Caspian Basin freight market remains deeply stagnant. See low ativity at the market, cargo base is limited, exporters prefer to store goods in warehouses, due to the uncertainty caused by the situation in Iran. Despite abundance of free tonnage, freight rates remain under pressure, at minimum levels. There are no signs of a short-term market recovery. 

BALTIC SEA: Baltic sea market is rising slowly. Vessels are delaying due to weather.

Jan 22 - Taiwan’s MFIG buys about 65,000 tons corn from US, traders say
Taiwan's MFIG purchasing group bought about 65,000 metric tons of animal-feed corn expected to be sourced from the United States in an international tender on Wednesday, European traders said. The yellow corn was purchased at an estimated premium of 190.97 U.S. cents a bushel cost and freight included over the July Chicago corn contract, they said.

Jan 22 - Jordan issues tender to buy up to 120,000 metric tons wheat, traders say
Jordan's state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins, European traders said on Wednesday. The deadline for submission of price offers in the tender is January 27.

Jan 21 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) decreased 3% to $2,668/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) decreased 2% to $3,947/FEU. 
- Asia-N. Europe prices (FBX11 Weekly) decreased 3% to $2,893/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) decreased 5% to $4,623/FEU. 

- President Trump announced on social media over the weekend intent to impose 10% tariffs starting February 1st on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland for opposing the sale of Greenland to the US, and that tariffs will increase to 25% in June if there is no deal by then.
- The EU accounts for 20% of total US imports by value. Last year Germany – the largest European exporter to the US – the UK and France exported more than $300B in goods to the US through October, with pharmaceuticals, medical supplies and devices, and vehicles and automotive goods accounting for most of it.
While Europe opted not to retaliate for US tariffs last year, this time seems different. EU leaders have scheduled an emergency meeting in Brussels to discuss their options. They could let retaliatory tariffs on $100B of US exports – approved last year but suspended until February 7th – go into effect; withhold pending approval of parts of the EU-US trade deal like reducing tariffs on some US goods to zero; or even close US military bases.
- The EU also has an anti-coercion instrument, aka “the bazooka,” at its disposal which, among other steps, allows it to tariff services, limit intellectual property rights and access to public contracts, and control exports in response to economic aggression.
With a short runway before February transatlantic ocean frontloading isn’t an option. Freightos Air Index Europe - N. America rates have inched up 2% to $2.21/kg since the announcement, but this gain continues a gradual January rate rebound from the $2.00/kg mark at the end of last year.
- The president is scheduled to meet with relevant world leaders to discuss the issue in Davos, and Treasury Secretary Scott Bessent is urging calm. Last year provided more than one example of Trump announcing maximalist tariff – including the April 2nd reciprocal tariffs – and other threats, that proved to be mostly leverage for pressurized negotiations and aimed at concessions somewhere short of the initial ask. Another factor adding to the uncertainty is that the White House would likely rely on the International Emergency Economic Powers Act to authorize these tariffs even while a Supreme Court decision on IEEPA-based tariffs’ validity looms.
What is certain is that the latest drama increases uncertainty yet again just as the US deescalation with China and announced agreements with several major trading partners toward the end of last year had seemed to firm up the 2026 trade war and tariff landscape.
- Maersk announced last week that its MECL – Middle East and India to US East Coast – service will resume Red Sea transits starting next week. Maersk and CMA CGM are the first carriers to revert some full services back through the Suez Canal. But CMA CGM just advised that it will now reroute some of those services around the Cape of Good Hope once again, citing the current “uncertain international context.”
- These steps forward and back suggest a full Red Sea return some time soon is still not a sure thing, and that the resumption may be quite gradual – and less disruptive than a wholecloth reboot – with carriers implementing a hybrid approach blending Red Sea transits for some sailings with the longer route for others for a while.
Ocean rates on the major east-west lanes eased slightly last week with no signs of a rebound so far this week, suggesting carriers aren’t moving forward with planned mid-month GRIs and that pre-Lunar New Year demand may have already reached its peak. Asia - Mediterranean prices fell 5% to $4,623/FEU and are down about $200/FEU from a January high two weeks ago. Rates to Europe decreased 3% to $2,893/FEU, down from about $3,000/FEU to start the month. These dips mark the first rate reductions for these lanes since prices started climbing in mid-October.
- Transpacific prices meanwhile, increased but then retreated several times in Q4 though carriers succeeded in holding on to incremental gains that kept rates above mid-October year lows. Prices eased 3% to $2,668/FEU to the West Coast and 2% to $3,947/FEU to the East Coast last week after reaching their January highs the week before. Rates for all these lanes are still likely to stay elevated in the near term as the holiday approaches and then face downward pressure as demand eases post-LNY, with carriers already announcing blanked sailings.

Jan 21 - Weekly Air rates - Freightos Air Index
- China - N. America weekly prices decreased 8% to $5.46/kg. 
- China - N. Europe weekly prices decreased 1% to $3.62/kg.  
- N. Europe - N. America weekly prices increased 2% to $2.15/kg. 

In air cargo, some carriers continue to avoid Iranian air space, resulting in longer Asia - Europe flights, though rates were stable at $3.62/kg out of China and about $2.90/kg from South East Asia. China - US prices continued to ease last week, falling 8% to $5.46/kg though rates out of SEA ticked up by 3% to $4.18/kg.
Best,

Jan 21 - EU 2025/26 soft wheat exports at 11.8 million tons by January 15
European Union soft wheat exports since the start of the 2025/26 season in July had reached 11.83 million metric tons by January 15, down 2% from a year earlier, though some figures were incomplete, European Commission data showed on Tuesday. A breakdown of this season's volumes showed France was the largest EU soft wheat exporter with 3.84 million tons exported so far, followed by Romania (3.75 million tons), Lithuania (1.41 million tons), Germany (894,526 tons) and Latvia with (694,050 tons).

Jan 21 - EU 2025/26 soybean imports down 16% by January 15, rapeseed down 41%
European Union soybean imports for the 2025/26 season that began in July had reached 6.73 million metric tons by January 15, down 16% from a year earlier, though some figures were incomplete, European Commission data showed on Tuesday. EU rapeseed imports in the same period totalled 2.08 million tons, down 41% year on year. Meanwhile, soymeal imports fell by 11% to 9.86 million tons.

Jan 20 - Russian wheat export prices up on reduced supply, analysts cut January estimates
Russian wheat export prices rose last week on limited supply from the Black Sea region and increased demand from importers, analysts said as they lowered their estimates for January exports due to poor weather conditions at ports. The price for Russian wheat with 12.5% protein content for free-on-board delivery in the second half of February was $227.50 a metric ton at the end of last week, up $2.50 from January 13, according to Dmitry Rylko, head of the IKAR consultancy.

Jan 20 - Brazil coffee exports hit record $15.6 bln in 2025
Brazilian coffee exports hit a record $15.6 billion in 2025 even though the country's total shipments of 60-kilogram (132.2 lb) bags declined by a fifth, as higher average coffee prices offset the impact of a fall in volumes, exporters group Cecafe said in a report published on Monday. During the course of 2025, total coffee exports - including instant coffee - fell by almost 21% to 40 million bags, down from a record of 50.6 million bags in 2024, Cecafe said.

Jan 19 - China receives first shipment of Simandou iron ore
China, the world's largest iron ore consumer, has received its first shipment of iron ore from the Simandou mine in Guinea in West Africa, in which Beijing has heavily invested to increase supply security. China, which imports 80% of its iron ore from Australia and Brazil, has been attempting to diversify its supply by expanding domestic output and investing in overseas mines. 

Jan 19 - Russia's seaborne grain exports rose 4.4% in December
Russia's seaborne grain exports increased by 4.4% year on year to 4.7 million metric tons in December, according to shipping data from industry sources released on Friday. Seaborne exports accounted for about 90% of Russia's total grain exports last season.

Jan 16 - Expana cuts EU soft wheat export forecast for 2025/26
Consultancy Expana has reduced its forecast for European Union soft wheat exports in the 2025/26 season to 28.8 million metric tons, down from 30 million tons projected last month, citing sluggish shipments from northern EU countries and Romania. The new estimate reflects weaker demand and slower shipments to third countries, with France remaining the only major exporter with an unchanged outlook.

Jan 16 - Turkey provisionally buys estimated 210,000 metric tons of feed barley in tender, traders say
Turkey's state grain board TMO has provisionally bought about 210,000 metric tons of animal feed barley in an international tender on Thursday, European traders said. The purchases were made in several consignments with the lowest price estimated at $259.50 a ton cost and freight included for 50,000 tons from trading house Ipek.

Jan 15 - India's Dec quarter cotton imports soar amid duty-free import push
India's cotton imports rose 158% year on year to a record 3.1 million bales in the December quarter after New Delhi allowed duty-free imports, boosting overseas purchases, a leading industry body said on Wednesday. Higher imports by the world's second-largest cotton producer are expected to support global prices, but they could weigh on local prices, which had been rising due to crop damage.

Jan 15 - Jordan buys about 60,000 metric tons feed barley in tender, traders say
Jordan's state grain buyer has purchased about 60,000 metric tons of animal feed barley sourced from optional origins in an international tender on Wednesday, European traders said. It was said to have been bought from trading house Cargill at an estimated $273.50 a ton cost and freight included for shipment in the first half of April.

Jan 14 - NITRO SHIPPING Freight Report for Grains

AZOV SEA & BLACK SEA: The Azov sea market firmed up due to heavy weather dealys at Kerch and closing of the strait due to security reasons. Some vessels have to
spent over a week to pass Kerch. Azov, Rostov and Taganrog Harbour Masters announced the ice class restriction will come in force from the 15.01.2026 with will
further complicate the situation with navigation at Azov sea. At the same time not clear how underwater inspections will be carried out during ice restrictions in force.

FAR EAST: The market is stable more less. See the low activity of exporters after long holidays in Russia.

CASPIAN SEA: The freight market in the Caspian Basin is stagnant. Activity has not recovered following the holidays, and news from Iran is adding to the uncertainty. There
is a shortage of cargo, while available tonnage remains plentiful, keeping freight rates low with no immediate prospect of recovery.

BALTIC SEA: The Baltic Sea market is slowly recovering after holidays.

Jan 14 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 5% to $2,757/FEU.  
- Asia-US East Coast prices (FBX03 Weekly) increased 7% to $4,033/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 1% to $2,978/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) stayed level at $4,851/FEU.

- Asia - Europe container rates remained steady but elevated last week – at about $3,000/FEU to Europe and $4,850/FEU to the Mediterranean – at levels last reached during the summer peak season as pre-Lunar New Year demand is now supporting the start of the year GRIs and carriers add capacity to service rising volumes.
This seasonal demand bump started earlier than usual and so may already be at about its peak as daily rates this week cool slightly. Some carriers have nonetheless announced mid-month GRIs aiming at $4k/FEU for Europe and more than $5,500/FEU for Mediterranean routes. The recent winter weather in Europe has caused disruptions at some key ports, which could help support rate levels.
- Rates on the transpacific have been on the rise since mid-December and continued to climb about 5% last week. Prices so far this week have remained stable at about $2,750/FEU to the West Coast and $4,000/FEU to the East Coast, though some forwarders report that carriers are already starting to offer discounts as space remains available.
The current rate bumps to North America would also be earlier than normal for pre-LNY, but are in line with the latest National Retail Federation US ocean import projections. The report estimates January volumes will increase 6% compared to December for the first month-on-month increase since July, though these volumes would be 5% lower than last January, with annual deficits expected through April. The NRF’s January report however, projects stronger 2026 volumes than its report from a month ago did, suggesting importers may be getting slightly more optimistic about post-holiday restocking strength.
- In geopolitical developments, the US Supreme Court has until the end of June to issue a ruling on the legality of IEEPA tariffs, though there is speculation that a decision could come as soon as tomorrow. It seems likely that SCOTUS will rule against the administration. Such a decision would raise significant question marks regarding whether or how quickly the White House might move to restore tariffs by other means, and what the decision will mean for tariff refunds.
- The administration’s IEEPA-based tariffs on China were set at their current level until November of this year as part of the China-US deescalation back in November. Amid the turmoil in Iran though, President Trump released a statement on social media, though no executive order has been issued, saying 25% tariffs are in effect for any country that trades with Iran. If this move becomes law it could apply to China – Iran’s largest trading partner – and risk disrupting the China-US trade status quo.
- The unrest in Iran could have other implications for freight as well. Iran has threatened to respond to a US attack with actions against US shipping interests. These steps could include closing the Strait of Hormuz. While closing the passage would be disruptive to oil flows, only 2% - 3% of global container volumes, according to Container Trade Statistics, transit the Strait, so disruptions to the container market would mostly be felt locally.

Jan 14 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices decreased 4% to $5.91/kg.
- China - N. Europe weekly prices increased 6% to $3.64/kg. 
- N. Europe - N. America weekly prices increased 5% to $2.10/kg.

A closure would cut off access to Dubai’s Port of Jebel Ali, a major transhipment hub between the Far East and points to the west, especially Europe, with a share moving from ocean to air in Dubai. Tranship volumes would need to be shifted elsewhere, possibly to South Asian hubs, which could cause some congestion and higher freight rates, but would not represent a major disruption to the overall container market. If protests do topple the regime, leaving the Houthis without Iranian support, the collapse could hasten a container traffic return to the Red Sea, where carriers like Maersk continue to test the waters.
- Last week’s storms and cold in Europe disrupted flights along with container ports, though operations are recovering this week. Air rates continue to cool post the December peak on the transpacific, with Freightos Air Index China - US prices below $6.00/kg for the first time since October, and prices from South East Asia slumping below $4.00/kg.
While transpacific volumes fell sharply following US de minimis suspensions in May, capacity and volumes have gradually recovered. This rebound is driven partly by a recovery in e-commerce volumes, but mostly by general cargo growth from China and South East Asia – especially Vietnam – as demand for AI hardware and trade war shifts in electronics sourcing push more volumes to the air.

Jan 14 - China's Sinograin sells out soybean auction ahead of US shipments
China's state stockpiler Sinograin sold all 1.1 million metric tons of soybeans offered at its fourth auction since December on Tuesday, traders said, as it moves to draw down inventories ahead of incoming U.S. shipments. The imported soybeans, from the 2022–2025 crops, were sold at an average price of 3,811 yuan per ton, with deliveries scheduled mainly for March and April, the sources said.

Jan 14 - Russia's IKAR lifts grain export forecast but warns of southern crop risk
Russia's IKAR consultancy raised the country’s grain export potential for the 2025/26 season to 60.2 million metric tons from 57.8 million tons, but warned the target may not be met due to a poor crop in the south. IKAR increased its wheat export forecast to 46.5 million tons from 44.1 million. The current grain marketing season ends on June 30, 2026.

Jan 13 - French farmers target food imports as Mercosur protests continue
Farmers stopped lorries at France's largest container port and on the main motorway north of Paris on Monday, conducting symbolic checks on imported food in protest at an EU-Mercosur trade deal they say will lead to unfair competition. Farmers in France, the European Union's largest agricultural producer, have been protesting for weeks over grievances including the proposed trade pact with South America’s Mercosur bloc. 

Jan 13 - Green coffee exports up 4.8% with strong robusta flow, says ICO
Producing countries' green coffee exports rose 4.8% in November from a year earlier to 8.95 million 60-kg bags, due mostly to a strong increase in robusta beans trade, the International Coffee Organization said in a monthly report on Monday. Exports of robusta coffee rose 28% year-on-year to 3.24 million bags, driven primarily by Vietnam, the world's top grower of that coffee variety, whose exports in the period increased 93% to 1.47 million bags. 

Jan 12 - China buys at least 10 cargoes of US soybeans for April-May shipment, traders say
China's state stockpiler Sinograin purchased at least 10 cargoes of U.S. soybeans on Friday, or at least 600,000 metric tons, for shipment in April and May, capping an active week of buying by the world's top importer, three traders with knowledge of the deals said. At least eight of the cargoes booked on Friday were slated for shipment from U.S. Gulf Coast export terminals, with the remainder due to ship from the Pacific Northwest, they said.

Jan 12 - Grain terminal group Senalia expects doubling of shipments in 2025/26
Grain export terminal operator Senalia expects its volumes in 2025/26 to double from last season after a rebound in French harvest production and amid brisk demand for barley, the company said on Friday. France is the European Union's biggest grain supplier and Rouen on the river Seine in Normandy its main grain export hub. The rain-hit 2024 harvest cut its export surplus and left port terminals idle for part of the season.

Jan 09 - India sugar export deals gain traction on lower prices, weak currency
Indian mills have signed export contracts for around 180,000 metric tons of sugar this season with a domestic price correction and weaker rupee belatedly driving overseas sales in recent weeks, trade and industry officials told Reuters. The federal government in November approved exports of 1.5 million tons of sugar from the current season, which opened on October 1. But high prices on the local market have led to sluggish export activity. 

Jan 09 - Colombia's 2025 coffee production drops 2.27%
Coffee production in Colombia, the world's leading supplier of washed Arabica coffee, fell by 2.27% in 2025 to 13.6 million 60-kg bags, its first decline in three years, due to rainfall in the country's main coffee-growing regions, the National Federation of Coffee Growers said on Thursday. In 2024, Colombia's coffee production totaled 13.9 million bags.

Jan 08 - South Korea’s MFG tenders for up to 210,000 tons corn, traders say
South Korea's Major Feedmill Group has issued an international tender to purchase up to 210,000 metric tons of animal feed corn, European traders said on Thursday. The deadline for submission of price offers in the tender is Friday, January 9. Traders had initially estimated the total sought at 140,000 tons.

Jan 08 - Jordan tenders to buy up to 120,000 metric tons feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers in the tender is January 14.

Jan 07 - EU 2025/26 soft wheat exports reach 11.18 million tons in incomplete tally
European Union soft wheat exports since the start of the 2025/26 season last July had reached 11.18 million metric tons as of January 2, down 2% from a year earlier, though some figures were incomplete, the European Commission said on Tuesday. EU barley exports totalled 5.29 million tons, up 126% from the corresponding period in the 2024/25 season, while EU maize imports were at 8.22 million tons as of December 31, down 20%.

Jan 07 - Jordan buys 60,000 tons of wheat in tender, traders say
Jordan's state grains buyer purchased about 60,000 metric tons of milling wheat to be sourced from optional origins in an international tender on Tuesday, traders said. It was believed to have been bought from trading house Buildcom at an estimated $260 a ton cost and freight included for shipment in the first half of April, they said. 

Jan 06 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 22% to $2,617/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 12% to $3,757/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 9% to $3,000/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 21% to $4,844/FEU.

- The US operation in Caracas over the weekend, which facilitated the US military’s capture of Venezuela’s President Maduro, included strikes on the city’s La Guaira container port and a nearby military base. 
- La Guaira is Venezuela’s second largest container port, and tits closure will disrupt operations and cause delays for importers and exporters who normally rely on La Guaira. Even before the US action, there were reports of some tranship volumes shifting away from Venezuela due to the growing instability. But the larger Port of Cabello is only about 60 miles to the west, and as Venezuela overall is a small market for container trade – with handling capacity of around a million TEU per year – impacts from the strike on La Guaira are unlikely to be felt beyond Venezuela.
- In trade war developments, the US delayed its planned January 1st tariff increase on lumber products including furniture, for one year. The Department of Commerce also stepped back from plans for a sharp tariff hike on Italian pasta imports. These deescalations may partially be motivated by cost of living concerns that are putting some pressure on the White House. These responses add more uncertainty as to how the administration – whose stated intention is to quickly reinstate tariffs by other means – may react if the Supreme Court decision invalidates its IEEPA-based, country-specific tariffs introduced last year.
- In ocean freight, start of year GRIs pushed Asia - Europe rates up 9% to the $3,000/FEU mark last week, and Asia - Mediterranean prices up more than 20% to $4,800/FEU, reflecting 23% and 45% climbs since mid-December, respectively.
- These hikes – pushing Mediterranean rates even with their peak season 2025 high and Europe prices to their highest since late August – reflect growing pre-Lunar New Year demand on these lanes, even as carriers add capacity to service these volumes. These rate levels are well above long term pre-LNY norms, but even with Red Sea diversions continuing and volumes likely stronger than last year, Asia - Europe prices remain 40% lower than last year, likely an effect of a growing fleet.
- Transpacific container rates, which started climbing in mid-December, continued their ascent last week via January 1st GRIs. Prices to the West Coast increased 22% to $2,617/FEU, and are more than 30% higher than in mid-December. East Coast rates climbed 12% to $3,757/FEU and are up 20% in less than a month. 
- That prices haven’t retreated at all from December increases – like they had following several GRI attempts in Q4 – suggests that LNY demand is picking up and supporting prices on these lanes too. Even if demand has started to pick up, volumes are projected to be 10% lower than last year, likely contributing, along with capacity growth, to significantly lower year on year rate levels for these lanes. 

Jan 06 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices decreased 1% to $6.18/kg.
- China - N. Europe weekly prices decreased 2% to $3.44/kg. 
- N. Europe - N. America weekly prices decreased 7% to $2.00/kg.

- In air cargo, ex-China rates eased to $6.18/kg to the US and $3.44/kg to Europe – down from peak season highs of $8.00/kg and $4.00/kg – as post-peak demand slows. Prices out of South East Asia are likewise cooling, with rates to the US down to $4.28/kg last week from a mid-December high of $5.80/kg, and prices to Europe sliding to $2.90/kg from a peak of $4.00/kg. 

Jan 04 - Ukraine Weekly Commodity Market (SPIKE BROKERS)

- Export by rail
· The railway sector provided almost 380 thousand tons of exports. In December, the main goods were meal, soybeans and corn. Shrot gave more than 90 thousand tons, soybeans - 72 thousand tons, and corn, despite only 5% of the share, provided more than 108 thousand tons due to a significant total crop volume.
· The railway remained a key channel for oilseeds and processing products, providing flexible logistics to producers in central and western regions, where seaports are less accessible.

- Automobile export
· Road transport provided more than 55 thousand tons, or 1.3% of exports. Despite the smallest proportion, export by road is important for niche crops, small batches and urgent supplies to the EU. The main goods are sunflower and soybean oil (together more than 33 thousand tons), which confirms the efficiency of vehicles on short routes to Poland, Romania and Hungary. Sunflower seeds, soybeans and meal are also actively exported.
· Auto direction retains high efficiency and growth potential by 10-15%.

- Export by sea
· Maritime transport in December once again confirmed the key role in the export of agricultural products: despite alarms and attacks, it provided the rhythm and scale of shipments during the peak sales season. More than 3.69 million tons were exported through ports (89% of the total volume). The drivers are corn, wheat and sunflower meal: corn provided more than 2.06 million tons, wheat - almost 600 thousand tons, meal - about 284 thousand tons. The main load traditionally fell on the ports of Greater Odessa.

- General logistic context
Monthly exports grew from 2.9 million tons in July to more than 4.1 million tons in December. The structure of transport remains stable: the sea channel retains 89-92% of the volume, setting the export rate. Against this background, the railway strengthened its positions: the share increased from 7% to 9%, and volumes - from 208 thousand tons to 380 thousand tons. Road transport kept stable 55-67 thousand tons per month, and the decline in its share was a consequence of the growth of railway traffic. As a result, the logistics system is balanced: the sea provides a scale, the railway - stability and balance, auto - flexibility for niche segments.