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Dry Bulk Market

Baltic index slips, but posts best week in nearly 2 months

The Baltic Exchange’s dry bulk sea freight index marked its biggest weekly percentage gain in almost two months, although declining on Friday on a fall in capesize rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, shed 14 points, or about 1%, to 1,324. The main index gained 11.4% for the week, its biggest rise since Oct. 7. The capesize index was down 51 points, or about 3.3%, at 1,519. It posted a weekly loss of 5.8%. Average daily earnings ...

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Global Iron Ore Loading Down This Year

The global iron ore seaborne trade has been on the decline so far this year. In its latest weekly report, shipbroker Banchero Costa said that “so far in 2022, iron ore trade softened again, primarily due to weaker demand from China and supply issues in Brazil. In January-October 2022, global iron ore loadings declined by -2.6% y-o-y to 1,254.5 mln tonnes, from 1,287.7 mln t in the same period of 2021, according to vessels tracking data from Refinitiv. Volumes were essentially at par with the 1,254.6 mln tonnes shipped in ...

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China’s 2023 iron ore output seen higher as new projects come online: analyst

China’s iron ore output in 2023 is expected to rise 3.5% from the previous year to 238 million mt as miners commission new production capacity, an analyst with investment bank Orient Securities said Nov. 29, in a development that could help slightly cut back the country’s huge iron ore purchases in the longer term. Miners faced challenges during 2021-2022 as new projects got delayed due to the pandemic and on strict mining safety measures that capped Chinese iron ore output growth, according to the analyst. The upcoming commissioning of some ...

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Iron ore futures post weekly gain on China reopening hopes

Iron ore futures rose on Friday to post weekly gains, buoyed by expectations that top steelmaker China would relax its strict COVID-19 restrictions, lifting demand sentiment. The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 2.2% higher at 787.5 yuan a tonne, rising about 5.2% for the week. On the Singapore Exchange, the benchmark December iron ore was up 2.7% at $105.75 a tonne, as of 0705 GMT. Some communities in Chinese cities where COVID-19 is still spreading are easing off on testing requirements and quarantine ...

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Baltic index eases as capesize rates slip

The Baltic Exchange’s dry bulk sea freight index slipped from a near three-week peak on Thursday, as a drop in capesize rates outweighed gains in the panamax segment. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 17 points, or about 1.3%, to 1,338, a day after hitting its highest since Nov. 11. The capesize index shed 73 points, or about 4.4%, to 1,570. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient ...

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Dalian iron ore futures inch lower despite easing China COVID curbs

Dalian iron ore futures inched lower on Thursday, despite the easing of strict COVID-19 curbs in some cities in top steelmaker China following a recent string of protests lifting demand sentiment. The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 0.1% lower to 766.5 yuan ($108.58) a tonne, off an earlier high. On the Singapore Exchange, the benchmark December iron ore was up 2.1% at $102.80 a tonne, as of 0710 GMT. China is softening its tone on the severity of COVID-19 and easing some coronavirus ...

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Baltic index nears 3-week high on demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index rose to a near three-week high on Wednesday, supported by higher rates for capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 28 points, or about 2.1%, to 1,355, its highest since Nov. 11. The capesize index (.BACI) added 54 points, or about 3.4%, to 1,643. Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, increased $447 to ...

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Rio Tinto 2023 iron ore shipments seen in line with 2022 view

Global miner Rio Tinto said on Wednesday its iron ore shipments in 2023 would be in the same range as this year’s forecast, and warned costs would be higher. The Anglo-Australian miner expects to ship between 320 million tonnes and 335 million tonnes of the steel-making ingredient next year. It forecast unit cost of $21 to $22.5 per tonne of iron ore for next year, up from $19.5 to $21 per tonne expected in 2022. “As has been the trend within the industry, production is getting more challenging and costs ...

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Dalian iron ore futures dip on factory activity contraction

Dalian iron ore futures inched lower on Wednesday, as data showing a contraction in factory activity in top steel producer China weighed on sentiment. The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 0.3% lower at 769.0 yuan ($107.65) a tonne. On the Singapore Exchange, the benchmark December iron ore was down 0.1% at $100.65 a tonne, as of 0710 GMT. China’s manufacturing and services activities shrank further in November to seven-month lows, official data showed, stung by the country’s strict COVID-19 restrictions and rising infections ...

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Baltic index snaps 4-day winning streak as capesize rates drop

The Baltic Exchange’s dry bulk sea freight index snapped its four-session winning streak on Tuesday, as capesize rates slipped. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 20 points, or about 1.5%, to 1,327, a day after hitting a more than two-week high. The capesize index (.BACI) lost 80 points, or 4.8%, to 1,589. Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $668 to $13,177. The panamax ...

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Dalian iron ore scales 23-week peak on China property support

Iron ore futures climbed on Tuesday, with the Dalian benchmark hitting its highest in 23 weeks, propped up by top steel producer China’s moves to ramp up support for struggling property developers. China’s securities regulator will allow China and Hong Kong-listed Chinese developers to sell additional shares to acquire real estate assets, replenish working capital, or repay debts, lifting a ban on such refinancing to help stabilise the economy. The measures are the latest in a slew of steps taken to shore up the property sector that accounts for a ...

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European corn buyers express concern as China competes for supply from Brazil

Corn buyers in Europe are growing concerned that their competitively priced supplies from Brazil will dry up as China begins to buy from there too. China, which generally purchases from the US and Ukraine, is interested in Brazilian corn. China has sought to diversify its sources of corn imports after Russia invaded Ukraine on Feb. 24 rather than relying mostly on the US. Key export agreements between China and Brazil were concluded in May, with the first shipment of 67,000 mt of Brazilian corn en route to China Nov. 23. ...

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Baltic Dry Index falls to 1327 down 20 points

Today, Tuesday, November 29 2022 , the Baltic Dry Index decreased by 20 points, reaching 1327 points.

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Ukraine’s renewed grain export deal overshadowed as inspections limit pace

Exports of agricultural commodities from Ukraine’s Black Sea ports slowed to an average 86,000 mt/day in the week to Nov. 27, less than half of the year-earlier pace, with many traders blaming the inspections required under the UN-brokered deal that guarantees commercial ships’ safety. The Black Sea Grain Initiative, as the deal is known, allowed Ukraine’s main ports to resume exports from August and so restored the main terminals from one of the world’s important suppliers for wheat, corn and sunflower oil. The initiative had a 120-day term and was ...

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Seaborne thermal coal returns to pre-Ukraine invasion ‘normal’

The global thermal coal market has returned to where it was before Russia’s attack on Ukraine, with prices for most seaborne grades dropping back to pre-invasion levels while volumes remain steady. Seaborne thermal coal prices spiked after the Feb. 24 assault on Ukraine, reaching record highs amid concerns over the loss of exports from Russia and Ukraine, as well as higher demand in Europe on fears of a shortage of natural gas for power generation. But the most-traded grades from top exporters Australia, Indonesia and South Africa have in recent ...

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