Maritime Industry Briefing: Grain Volumes, Panama Port Dispute, Leadership Changes

## Record Year for Seaborne Grains with Freight Boost into 2026 According to analysis from Ursa Shipbrokers, seaborne agricultural trade reached a new high in 2025, with volumes pushing to 716.5 million tonnes. This marks a 1% year-on-year increase from 711.5 million tonnes in 2024. The strong performance was driven by increased grain exports, particularly from South America and the Black Sea region. Analysts expect the positive momentum to continue, with freight rates for bulk carriers set to benefit from the elevated grain volumes through 2026. ## Panama Port Dispute Escalates The Panamanian government has declared the port concession held by Hong Kong-based CK Hutchison to be unconstitutional, prompting the company to launch arbitration proceedings against the state. CK Hutchison operates two container terminals at either end of the Panama Canal under a long-term concession agreement. 'This is a major blow to Panama's reputation as a reliable partner for foreign investors,' said Wolfgang Lehmacher, a supply chain expert. 'The government's unilateral move will likely deter future infrastructure investment in the country.' The dispute highlights the political risks that global port operators face when working in developing markets. Industry observers will be watching closely to see how this high-stakes legal battle plays out. ## Leadership Changes at Braemar London-listed shipbroker Braemar has announced that its group chief executive, James Gundy, will step down at the company's annual general meeting on July 2, 2026. Gundy will leave the board at that time but will remain with the business, returning his focus to shipbroking activities. 'This transition represents a natural evolution for Braemar as we position the company for continued growth and success,' said Gundy. 'I look forward to dedicating more of my time and energy to serving our valued clients as a senior broker.' The leadership change comes as Braemar navigates a challenging market environment for shipbrokers, with increased competition and margin pressure. Investors will be keen to see how the new management team charts the company's future course.