<p data-path-to-node="5" id="p-rc_9d25d44991547a91-100" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-258" style="line-height: 1.15 !important;">Bolstered by large export surpluses from the Americas and Europe, </span><b data-path-to-node="5" data-index-in-node="88" style="line-height: 1.15 !important;">global bulk grain shipments have climbed 13% year-on-year</b><span class="citation-258 citation-end-258" style="line-height: 1.15 !important;"> during the first half of the year.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="1" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-257" style="line-height: 1.15 !important;">However, international shipowners' association </span><b data-path-to-node="5" data-index-in-node="228" style="line-height: 1.15 !important;">BIMCO</b><span class="citation-257 citation-end-257" style="line-height: 1.15 !important;"> warns that this strong momentum is likely to cool down, pointing toward a much more balanced and potentially weaker second-half performance for agricultural trade lanes.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="2" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2266288218="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c2266288218="" _nghost-ng-c1314756707="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="6" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;">The mid-year market analysis highlights a strong period for small and mid-sized dry bulk carriers, even as shifting crop yields and geopolitical trade changes alter traditional sailing routes.</p><h3 data-path-to-node="8" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><b data-path-to-node="8" data-index-in-node="0" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;">Supramax Fleet Gains Most from Surge; Localized Hormuz Disruptions Shift Trade Flows</b></h3><p data-path-to-node="9" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;">The high volume of grain shipments has caused noticeable adjustments across key global vessel categories and regional ports:</p><ul data-path-to-node="10" style="padding-inline-start: 32px; font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;"><p data-path-to-node="10,0,0" id="p-rc_9d25d44991547a91-101" style="line-height: 1.15 !important;"><b data-path-to-node="10,0,0" data-index-in-node="0" style="line-height: 1.15 !important;">Supramax Vessels Clean Up:</b> <span class="citation-256" style="line-height: 1.15 !important;">The surge in grain volumes has primarily benefited the supramax segment, where shipments have jumped </span><b data-path-to-node="10,0,0" data-index-in-node="128" style="line-height: 1.15 !important;">27% year-on-year</b><span class="citation-256 citation-end-256" style="line-height: 1.15 !important;">.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="3" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-255 citation-end-255" style="line-height: 1.15 !important;">This boom drove a 4% increase in global supramax tonne-mile demand, preventing freight rates from flattening out during what is typically a softer trading season.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="4" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-254 citation-end-254" style="line-height: 1.15 !important;">Handysize and panamax segments also recorded steady grain volume growth of 10% and 8% respectively.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="5" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2266288218="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c2266288218="" _nghost-ng-c1314756707="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="10,1,0" id="p-rc_9d25d44991547a91-102" style="line-height: 1.15 !important;"><b data-path-to-node="10,1,0" data-index-in-node="0" style="line-height: 1.15 !important;">China's Massive Appetite Drives Volumes:</b> <span class="citation-253" style="line-height: 1.15 !important;">Total grain shipments bound for Chinese discharge docks rose </span><b data-path-to-node="10,1,0" data-index-in-node="102" style="line-height: 1.15 !important;">15% year-on-year</b><span class="citation-253 citation-end-253" style="line-height: 1.15 !important;">.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="6" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-252" style="line-height: 1.15 !important;">Strengthened trade relations between Washington and Beijing provided an immediate spark, leading to a notable </span><b data-path-to-node="10,1,0" data-index-in-node="230" style="line-height: 1.15 !important;">137% rebound in US grain shipments</b><span class="citation-252 citation-end-252" style="line-height: 1.15 !important;"> to China compared to last year's low levels.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="7" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-251 citation-end-251" style="line-height: 1.15 !important;">Steady import demand for wheat and corn also firmed up across alternative Southeast Asian gateways like Vietnam and the Philippines.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="8" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2266288218="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c2266288218="" _nghost-ng-c1314756707="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="10,2,0" id="p-rc_9d25d44991547a91-103" style="line-height: 1.15 !important;"><b data-path-to-node="10,2,0" data-index-in-node="0" style="line-height: 1.15 !important;">Bypassing the Strait of Hormuz:</b> <span class="citation-250 citation-end-250" style="line-height: 1.15 !important;">Despite severe shipping disruptions around the Strait of Hormuz, grain shipments destined for the wider Middle East and North Africa (MENA) region rose 18% overall.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="9" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-249 citation-end-249" style="line-height: 1.15 !important;">While direct cargo discharges into the Persian Gulf plummeted by 49%, this drop was successfully offset by carriers rerouting shipments to Saudi Arabia's Red Sea terminals and outer transshipment hubs like Fujairah.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="10" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2266288218="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c2266288218="" _nghost-ng-c1314756707="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="10,3,0" id="p-rc_9d25d44991547a91-104" style="line-height: 1.15 !important;"><b data-path-to-node="10,3,0" data-index-in-node="0" style="line-height: 1.15 !important;">Why a Weaker Second Half is Coming:</b> <span class="citation-248 citation-end-248" style="line-height: 1.15 !important;">According to projections from the United States Department of Agriculture (USDA), global production of wheat and corn is expected to decline slightly from last year’s record highs.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="11" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-247 citation-end-247" style="line-height: 1.15 !important;">Additionally, bumper domestic crop harvests in key importing nations like China and Türkiye are expected to lower overall import demand through the winter, slowing down international freight volumes.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c4005802210="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c4005802210="" class="superscript" data-turn-source-index="12" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2266288218="" style="line-height: 1.15 !important;"></sources-carousel-inline></p></li></ul>