Major ports’ volumes moderated to ~55 mnt in July 2021 (-6% m-m), down 3.7% CAGR vs July-19 (vs. +1% CAGR in June-21 vs June-19) and the weakest in the last 10 months. POL and iron ore volumes were weak, with POL volumes declining at 11.2% CAGR vs July-19 and iron ore volumes declining at 6.8% CAGR vs July-19. Container volumes at 887k TEUs were sequentially weaker, though closer to July-19 levels.
