Exports boost Med Basin FOB prices in January
By: CW Group
In the Persian Gulf-Arabian Sea, FOB gray cement and clinker prices have seen the same upward trend, but at a slower pace: both prices increased by about 1 percent compared to December. Meanwhile, in East Africa, CFR prices for bagged cement increased by more than 0.5 percent in the same period.
"Both Turkish and Algerian cement exports had strong results in 2021, while Egyptian exports almost tripled in 11 months of 2021, compared to 2020, on the back of improved external demand. Additionally, in Saudi Arabia, cement exports volumes increased in December month-on-month, after a decline in the previous month, creating a positive dynamic in the Persian Gulf export market," observes Wanderson Teixeira, Business Analyst at CW Group.
Egypt's cement exports almost tripled in 11 months of 2021
Cement exports from Egypt from January to November 2021 increased to USD 431 million, compared to USD 166 million in 2020, a record-high value, with Ivory Coast, Libya, Ghana, and Sudan as main exports destinations.
Meanwhile, in Turkey, data from the Exporters' Associations showed that the total value of cement exports in 2021 increased almost 13 percent compared to 2020, which had already been a robust year for cement exporters in the country. In terms of volume, they were down by 2 percent year-on-year.
Saudi Arabia's cement exports regain momentum in December
Cement exports from Saudi Arabia continued to decline in December year-on-year, however, on a month-on-month basis, exports increased more than 20 percent compared to November's volume. Clinker exports, on the other hand, declined sharply both month-on-month and year-on-year.
Shipping market outlook
In terms of shipping globally, the Baltic Dry Index reached 2,027 points on January 13, its lowest since March 16, 2021, and down by 1,189 points compared to 3,216 points registered on December 14, pressured by lower rates across all its vessel segments.
In the shipping market, at the beginning of January, Castor Maritime announced, in the first week of the year, that the 2010-built panamax bulker Magic Horizon had commenced a charter at a rate of USD 20,100 per day for about 100 days, while the 2010-built kamsarmax bulker Magic Venus had started a charter at a rate of USD 29,000 per day for about 25 days. The company also took the delivery of the 2006-built Aframax LR2 tanker Wonder Bellatrix and the 2012-built panamax bulker Magic Callisto, both acquired in December 2021.