Chinese iron ore, coal and crude imports grew strongly in 2017



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Chinese seaborne imports of iron ore, coal and crude oil have all grown strongly throughout 2017. Both seaborne imports of crude oil and iron ore have reached the highest levels ever recorded, while coal reached the highest level in three years.

Imports of crude oil and coal have benefitted the shipping industry to the greatest extent as both volumes and distances have increased.

Iron ore imports breaks last year’s record China continues to ramp up its imports of iron ore with seaborne imports growing 4.7% in 2017 compared to 2016. This amounts to a total seaborne import of 1054 million t of iron ore breaking the record of 1006 million t from the year before. China also reported the highest imported amount of iron ore for one month, in September 2017, 102.8 million t – of which 101 million t was transported via the sea. Total Chinese imports of Iron ore by all modes of transportation was 1075 million t in 2017, compared to 1023 million t in 2016.

BIMCO’s Chief Shipping Analyst Peter Sand comments: “Chinese imports of iron ore have been a reliable key driver in this decade of dry bulk shipping demand growth. Not only is China repeatedly importing larger volumes, it is also sourcing most of its imported iron ore from seaborne exporters with more than 98% of the imports arriving via the sea.”

China imported 98% of its iron ore from seaborne partners in 2017, which has marginally decreased from 98.3% in 2016. The biggest exporters of iron ore to China are Australia, Brazil and South Africa. Australia is by far the largest and China imports 62% of its iron ore from Australia. China imports 21% of its iron ore from Brazil, which benefits the dry bulk shipping industry through long distances. South Africa is the origin for 4% of all Chinese iron ore imports.

Source: DRY BULK