Seasonal demand fluctuations influence many of the bulk trades. Steam coal is linked to the
energy markets and in general encounters upswings towards the end of the year in anticipation of
the forthcoming winter period (in the northern hemisphere) as power supply companies try to
increase their stocks, or during hot summer periods when increased electricity demand is required
for air conditioning and refrigeration purposes. Grain production is highly seasonal and driven by
the harvest cycle of the northern and southern hemispheres. However, with four nations and the
European Union representing the largest grain producers (the United States, Canada and the
European Union in the northern hemisphere and Argentina and Australia in the southern
hemisphere), harvests and crops reach seaborne markets throughout the year. It becomes a matter
of fleet reassignment to follow the seasonality.