Simpson Spence Young (SSY)

Simpson Spence Young (SSY) stated that 2021’s rising coal prices drove an impressive ride to raise inventory ahead of what is presumed to be a difficult winter in China. According to Simpson Spence Young (SSY), coal, controls, and queues are expected to develop the dry cargo market in the upcoming months. Simpson Spence Young (SSY) stated that the strength of the steam coal price displayed a trade negative from the point of view of demand loss, due to power rationing, and government interferences to propose a range of price caps and conflicts with domestic mining companies, which have led to buyers avoiding from coal acquiring. Simpson Spence Young (SSY) stated that the ensuing silence in coal acquiring activity sustained to pull delivered prices of imported coal and non shipped coal prices. Simpson Spence Young (SSY) stated that steel fundamentals in China have been worsening since mid-2021, with the prospect of China Evergrande concerns. According to Simpson Spence Young (SSY), the Chinese government’s attempts directed at fighting winter air pollution in areas of North China, steel production controls were supposedly introduced in mid-2021 and aimed to limit full-year output at 2020 levels. The effect on possible steel consumption has been dramatic. Steel demand has collapsed by 28% to 68 million tonnes by October 2021. Widespread limitations on steel production and iron ore sintering during Q1 2022 have already been published, which threaten steelmaking raw material demand and affect the capacity for mills to lift output once 2021 limitations expire. Furthermore, Simpson Spence Young (SSY) stated that the number of laden capesize bulk carriers waiting to berth has decreased. Generally, a decline in steel production has negative indications for seaborne iron ore and coking coal trades, though scrap-fed electric arc furnaces, which comprise 9% of 2020 crude steel production in China, face higher energy costs than iron ore and coking coal-consuming blast furnaces. 16-November-2021

 

Simpson Spence Young (SSY) published a new office in Dubai. Simpson Spence Young (SSY) recruited Maersk Broker’s Dubai chief for the new chartering office. Simpson Spence Young’s (SSY) new Dubai office will be led by Manish Pamecha. Currently, the leading shipbroker company Simpson Spence Young (SSY) is one of the top ten (10) shipbrokers in the world has 21 international offices. Dubai became a maritime business hub for many shipbrokers. The London-headquartered Simpson Spence Young (SSY) could make additional hires in the future. 8-October-2019