China has moved from the largest cement exporter in 2017 to be, from 2019, the largest importer.

China is importing from Vietnam and Thailand forcing their usual customer, Bangladesh, to source cement clinker (c.10 MMT) from Pakistan, UAE, and other countries in the Middle East.

This change in trading pattern has placed further demands on ships in the Indian Ocean making it the place with the highest rates in the Handy and Supra-Ultra sectors.

Chinese imports have marginally reined back this year (almost certainly due to sky high freight) but are comfortably still the largest in the world having fallen by 3 MMT YOY between Jan-Aug 2021.

Whilst the vast majority is shipped in clinker form, mainly in Supras, we see growth in powdered cement being carried in smaller Handy and self-unloading specialist ships.

Vietnam’s pre-eminence as the main supplier remains unchallenged (14 out of 18 MMT) and is the only country to increase exports to China in 2021.