Capesizes The Pacific market started with a positive outlook, maintaining healthy cargo volumes driven by substantial coal shipments from East Coast Australia to the Far East. Rates initially increased, but as the week progressed, a notable shift occurred. Owners began contemplating ballasting towards the Atlantic, creating additional pressure in the Pacific market. Despite the presence of all three major players mid-week, the Pacific market displayed signs of stability but later experienced a softening trend, which was partially attributed to a decline in the FFA market. Meanwhile, the Atlantic remained relatively ...

The Baltic Exchange’s dry bulk sea freight index rose to a more than four-month peak on Friday and registered its third consecutive weekly gain on higher rates for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 24 points, or 1.5%, to 1,593 – highest level since May 11. The main index increased by 15.4% for the week. The capesize index, added 76 points, or about 3.8%, to 2,083, hitting its highest in over four months. The index advanced by 30% ...

Iron ore futures rose on Friday, with the Singapore benchmark vaulting back above the $120 per metric ton level, buoyed by China’s policy support for its economy and after Rio Tinto halted work at a Pilbara mining site following an incident. Lending further support, China’s imported iron ore stockpiles at major ports hit a three-year low this week at 115.92 million tons due to higher discharge volumes and fewer new arrivals, according to consultancy Mysteel. The steelmaking feed, however, was on track for a weekly fall amid persistent concerns about ...

The first big ship carrying grain from a Ukrainian Black Sea (NYSE:) port has set sail since Moscow quit a deal in July to allow exports, a Ukrainian deputy prime minister said on Friday, part of Kyiv’s campaign to break Russia’s de facto blockade. The Aroyat “left the port Chornomorsk after loading 17,600 (metric tons of) Ukrainian wheat for Egypt,” Oleksandr Kubrakov said on the X social media app, formerly Twitter. He posted a photo of the ship at sea. It was the second of two bulk carriers to leave ...

Three new cargo ships are heading towards Ukrainian Black Sea ports for further food exports, Deputy Ukraine’s Prime Minister Oleksandr Kubrakov said on Friday. “Bulk carriers AZARA, YING HAO 01, ENEIDA are using temporary corridor established by the Ukrainian Navy in order to export 127,000 (metric) tons of agricultural products and iron ore for China, Egypt and Spain,” Kubrakov said on X social media app. He said the vessels were on the way to Chornomorsk and Pivdennyi sea ports. Source: Reuters (Reporting by Pavel Polityuk, Editing by Andrew Cawthorne)

Today, Friday, September 22 2023, the Baltic Dry Index climbed by 24 points, reaching 1593 points.

The dry bulk market has been on a growth “spree”, as a number of disruptions in key waterways have had an impact on tonnage availability. In its latest weekly report, shipbroker Xclusiv said that “the midsize dry bulk segments have reached 4-month highs, driven partly by low water levels on the Mississippi river and the Panama Canal’s daily transit limits and draught restrictions. The BPI closed the week at 1,656 points, a level not seen since 25th April 2023, while the BSI and BHSI closed the week at 1,221 and ...

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped its 11-session winning streak on Thursday as rates for capesize and panamax vessels edged lower. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 15 points to 1,569. The capesize index shed 60 points, or 2.9%, to 2,007, its worst day since Sept. 5. Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $499 to $16,646. ...

The unwinding of supply chain inefficiencies and rising vessel orders are set to dampen positive deadweight demand in the dry bulk market according to Maritime Strategies International. COVID-related supply chain inefficiencies and associated port congestion have almost fully unwound and while the MSI outlook on the prospects for trade volumes this year is considered positive, growth in actual dwt demand is limited to only 0.25% year on year. MSI’s Q3 Dry Bulk market* report notes that while this quarter’s demand forecasts for 2023 is higher by 1m dwt, its fleet ...

Prices of iron ore, steel and steelmaking ingredients in China slumped on Thursday, as risk sentiment was hit after the U.S. Federal Reserve signalled another rate hike by year-end and tighter monetary policy through 2024. Traders at the same time opted to wait for details of China’s pledge to expedite the rollout of more policies to consolidate its economic recovery, while the country’s troubled property sector kept them guarded. The most-traded January iron ore on China’s Dalian Commodity Exchange ended daytime trade 1.9% lower at 854 yuan ($116.93) per metric ...

Today, Thursday, September 21 2023, the Baltic Dry Index decreased by 15 points, reaching 1569 points.

China’s coal imports from all origins rose in August, customs data showed on Wednesday, as the world’s top consumer of the fuel bought up cheaper overseas supplies after domestic output fell. Russian coal arrivals reached 9.97 million metric tons, up from July’s 8.99 million tons, and 16.7% higher than the same month last year. Imports from Australia also rose 6% from the prior month to 6.69 million tons, while arrivals from Mongolia, largely of coking coal, surged 20.5% from July to a record 7.16 million tons. China’s total coal imports ...

BHP has officially celebrated the shipment of three billion tonnes of high-quality iron ore to China, hosting key customer representatives on a tour of BHP’s Pilbara and Port Hedland operations in Western Australia, and at a gala event in Perth. BHP Chief Commercial Officer Vandita Pant and Asset President WA Iron Ore Brandon Craig were joined by China Iron and Steel Association Vice Chairman Luo Tiejun and key customer representatives at the Mining Area C and South Flank mine sites in the Pilbara, and at the Port Hedland export facility ...

In the third week of September, freight rates in the various ship categories increased significantly, indicating a robust upward trend. At the same time, there is a noticeable optimism in Chinese economic activity, supported by a number of strategic stimulus measures by policy makers. In recent weeks, policymakers in China have introduced a comprehensive package of measures to boost economic growth and support the real estate market and the national currency. Most notably, the People’s Bank of China took decisive action on Thursday, cutting the reserve requirement ratio for banks ...

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for the11th consecutive session on Wednesday, supported by strong demand across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 58 points, or 3.8%, to 1,584, its highest level since May 11. The capesize index added 125 points, or 6.4%, to 2,067, its highest level in almost three months. Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes carrying commodities such as ...