Since the beginning of the war in Ukraine, China's aluminum production has increased rapidly, and nearly 80% of bauxite's seaborne exports currently go to China.As Indonesia implemented an export ban from June, Guinea exports gradually replaced all Indonesian bauxite exports, with a year-on-year growth of 26% in July.
“Capesize bulkers have benefited from increased bauxite shipments and now account for 11% of capesize demand. In addition to the additional tonnage, bauxite shipments travel further than Capesize,” noted BIMCO shipping analyst Filipe Gouveia.The average distance of the model is 71% longer.
Winning International Group will establish a fleet of VLOCs in the future to be responsible for the ocean transportation of Guinea bauxite and iron ore, which strengthens trade exchanges between China and Africa.