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Historically, about 50% capacity has been recycled by the time the ships have been 25 years old and 90% by 30-35 years

Scheduled deliveries for 2024 and the remainder of 2023 are currently at 5.03 million TEUs

Ukraine’s sea ports were under a blockade until the end of July 2022 when the Black Sea Grain deal was signed

Indian government struggled last year to combat high domestic wheat prices and securing local food availability

Cargo volumes may recover once businesses have adjusted inventory levels, unlikely to improve supply/demand balance

2023 likely to see beginning of new normal rather than reverse of recent weakening of supply/demand balance

BIMCO evidence suggests that refills can save around 2,355 kg of CO2 emissions per ship per year.

Volumes into North America, which led surge in volumes during Covid, saw drop of -20.6% y/y.

Recently released volume statistics indicate that there may be no peak season in 2022.

Expecting a certain degree of “normalisation” during 2023 with much less congestion and reduced vessel delays.

Deal valid for 120 days with an option to extend, allows bulkers to be escorted to the ports through safe corridor.

Though still high compared to pre-Covid levels, there has been noticeable impact on rates & activities in asset markets.