Panamax Pain as China’s Grain Imports Plunge 51%

China’s push for import independence combined with falling soybean demand has driven the country’s imported grain shipments down 51% year-over-year this month.

According to BIMCO, this decline has significantly affected the dry bulk shipping sector—particularly Panamax vessels, which handle 83% of China’s grain cargoes. The Baltic Exchange’s Panamax Index has now dropped 41% compared to last year and this week hit its lowest level since May 2020.

BIMCO’s analysis reveals varying impacts on major exporters: Brazil, which accounts for 47% of shipments, saw a 29% decline, while U…