During the first three quarters of 2026, US dry bulk shipments to China grew 104% year-on-year, driven by a 176% increase in grain shipments. Volumes between the two countries weakened in 2025 amid rising trade tensions and higher tariffs. However, an agreement reached in November 2025 lowered tariffs on US grains and set import targets for US soya beans, allowing shipments to partly recover in 2026,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO.