Shipping Lanes into Tianjin are closed.

Shipping is at a standstill in Tianjin port following the massive explosion last night at a warehouse that has caused widescale damage, killed dozens of people and wounded hundreds more. Reports out of China indicate that shipping lanes into Tianjin are closed. The port is a major receiving facility for iron-ore, coal, crude oil and containerized cargoes. According to data from the Hong Kong-listed Tianjin Port Development Holdings Ltd, it handled 110.5m tons of iron ore, 88.9m tons of coal and 18.7m tons of crude oil during 2014. Chinese customs data indicates that Tianjin handles approximately 5.5% of China’s iron-ore imports and 30% of its steel exports. There have been no reports yet of any damage to crude oil and bulk terminals, and so far it would appear that no steel mills and oil refineries were damaged. However, dry-bulk sources believe that there will be a short-term impact on the shipping markets due to the port closure. The deadly blast has not damaged the port’s bulk terminal but issues in the area are likely to hamper berthing. The port authority has arranged some un-berthing of bulk ships from midday local time, but there is currently no schedule for vessels berthing and it is unknown at present when the terminals will re-open". Normal operating conditions are continuing for the loading/discharge of bulk cargo (e.g. coal, iron ore) and general cargo in Tianjin Xingang port.