U.S. Leads Brazil in Corn Exports to China in Dry Bulk Market,International Shipping News 20/03/2026 Chinese corn imports declined to approximately 3.8M mt in 2025, down from 8.4M mt in 2024. Of this, around 2.5M mt originated from Brazil (Panamax: ~2.0M mt vs. 1.78M mt in 2024), while imports from the U.S. totaled 169k mt (Panamax: ~153k mt vs. 1.36M mt in 2024). This contraction aligns with China’s policy direction over the past three years. The focus has been on increasing domestic self-sufficiency. As such, the recent decline in imports is not primarily driven by trade tensions, but rather reflects a policy-driven agricultural transformation underway in Beijing. With imports declining and domestic output rising, China’s evolving grain policy is expected to have far-reaching implications for major exporters, including Brazil, the U.S., and Ukraine. Looking ahead, China is likely to continue prioritizing internal efficiency, requiring global corn exporters to adapt to a lower level of Chinese import demand. While Brazil was the primary supplier of corn to China in 2025, early Q1 2026 data show the U.S. has regained market share and moved ahead by late March. Freight Market Overview The Baltic Dry Index (BDI) recorded an uptick in sentiment before the end of the week, with the index value moving above the 2,000-point mark, driven by weekly gains in the Capesize and Panamax segments. Freight Atlantic Capesize | Firmer C3 Tubarao–Qingdao / C17 Saldanha Bay–Qingdao Capesize — C3 / C17 Capesize C3 C17 The rate for the Tubarao to Qingdao route held the firmer sentiment of the previous week, with rates still around $30/mt (+23% YoY). Similarly, the Saldanha Bay-Qingdao rates were assessed at around $22/mt (+24% YoY). Panamax | Firmer P7 USG–Qingdao grain ($/mt) / P8 Santos–Qingdao ($/mt) Panamax — P7 / P8 Panamax P7 P8 Rates for the USG–Qingdao and Santos–Qingdao routes are reaching exceptional highs. The Santos–Qingdao rate was assessed at $54/mt (+50% YoY). Notably, the USG–Qingdao rate strengthened further to around $70/mt, approximately $10/mt higher than the previous week (+49% YoY). Supramax | Weaker S4A US Gulf trip to Skaw-Passero Supramax — S4A Supramax S4A Rates on the USG-to-Skaw–Passero route continued to decline, as highlighted in our previous Dry Market Monitor, and are now around $19k/day, down by $11k/day over the past month. Handysize | Weaker HS4_38 – US Gulf trip via US Gulf or north coast of South America to Skaw-Passero Handysize — HS4_38 Handysize HS4 The USG trip to Skaw–Passero recorded levels of around $18k/day, a decrease of approximately $5k/day from the previous week, which contrasts with the annual rebound of $7.7k/day. Freight Pacific Capesize | C5 Softer C5 West Australia–Qingdao Capesize — C5 Capesize C5 Rates on the West Australia–Qingdao route extended their softening trend WoW, at around $13/mt (+27% YoY). Despite the recent easing, levels remain well above the mid-January trough of approximately $7.5/mt. Panamax | Firmer P3A_82 – HK-S Korea incl Taiwan, one Pacific RV / P5_82 – South China, one Indonesian round voyage Panamax — P3A / P5 Panamax Pacific The Panamax Pacific market has now reversed the weaker trend recorded in the previous week. Specifically, rates on the P3A_82 route rose to $19k/day, and on the P5_82 route to $17k/day. Supramax | Weaker S2 North China one Australian or Pacific round voyage / S10 South China trip via Indonesia to South China Supramax — S2 / S10 Supramax Pacific The positive