Wheat trade promises bulk carrier tonne-mile boost
The wheat trade is turning out to be dry bulk shipping’s big growth story this year and is set to generate longhaul voyages that will benefit the segment due to high tonne-mile demand. The volume of Australia’s wheat exports is likely to shrink, forcing Asian countries to turn to alternative markets to fulfil growing demand, which could boost freight rates in the short term
As Australia suffers a significant hit to its wheat exports, Asian wheat importers have consolidated their dominance over Argentine and Russian imports, benefiting tonne-mile demand