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Dry Bulk Market

Capesizes Looking Best For Short Term Gains But Feedermaxes Are In It For The Long Haul

Uncertainties surrounding the coronavirus outbreak, the trade war and volatility in oil prices are governing business decisions being made in 2020. Shipyard demand will likely encounter a further blow given the vast disruptions to economic growth and trade globally and delays to scrubber retrofits have already been seen and are expected to continue. Containment measures and the potential for a resurgence of coronavirus remains a great uncertainty for global trade. Volatility in commodity prices has increased dramatically, complicating the outlook across the shipping markets. To prop up economies central governments ...

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China’s 2020-21 soybean imports to rise on swine recovery: USDA

The continuing recovery in China’s swine sector and poultry production growth are expected to push up soybean meal use for feed during 2020-21 marketing year (October-September), the US Department of Agriculture said in its attaché report released July 7. China’s soybeans import in 2020-21 is forecast to touch 91 million mt, while estimated soy imports for 2019-20 marketing year seen at 90 million mt, the USDA added. The forecasts for soybean meal use and soybean crush are both up significantly from the last report, due to increased feed demand from ...

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China steel futures extend gains on demand prospects, low stockpiles

China’s steel futures rose on Wednesday on optimism about demand prospects in the world’s top metals consumer, while low domestic stockpiles also lent support. Construction steel rebar on the Shanghai Futures Exchange closed 1.8% higher at 3,702 yuan ($527.61) a tonne, advancing for a fifth straight session. Hot-rolled coil, used in cars and home appliances, climbed 1.9%, while stainless steel gained 0.8%. Steel prices remained resilient despite the seasonal weakness in downstream demand, particularly for rebar, as flooding in southern China and heavy rains across the country slowed construction activities. ...

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Baltic Dry Index falls to 1849, down 100 points

Today, Wednesday, July 08 2020, the Baltic Dry Index decreased by 100 points, reaching 1849 points.

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India’s coal import drops 30 pc to 48.84 MT in April-June

The country’s coal imports registered a drop of 29.7 per cent to 48.84 million tonnes (MT) in the April-June period of the ongoing financial year, according to industry data. India had imported 69.54 MT of coal in the April-June period of 2019-20, according to provisional compilation by mjunction. mjunction, a joint venture between Tata Steel and SAIL, is a B2B e-commerce company that also publishes research reports on coal and steel verticals. The drop in imports assumes significance in the wake of government mandating state-owned Coal India Ltd (CIL) to ...

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Capesize Bulkers In High Demand

Ship owners have intensified their interest towards second hand dry bulk carriers, most notably Capesizes, as a result of the recent market rally. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, a very strong week in terms of activity noted was due. The main driver was the Capesize segment, where a significant number of vessels changed hands as of late. This, however, may well be down to the mere fact that we have seen an excessive bullish trajectory in freight returns during the ...

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Baltic index snaps 4-week winning streak as lower capesize rates weigh

The Baltic Exchange’s main sea freight index inched down on Tuesday, snapping a 27-session winning streak, as capesize vessel rates fell for the second straight session and offset gains in panamax and supramax segments. The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 7 points, or 0.4%, to 1,949. The Baltic capesize index lost 103 points, or 2.5%, to 3,968, hitting its lowest since June 22. Average daily earnings for capesizes, which typically transport cargoes of ...

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Reduced iron ore shipments from Australia and Brazil prop up Chinese market

A total of 93 vessels carrying 15.79 million mt of iron ore arrived at eight major Chinese ports during June 28-July 4, SMM estimates. This was down 400,000 mt from the prior week but up 1.95 million mt from the previous year. The amount of arrivals in China’s top steelmaking city of Tangshan continued to edge higher on the week while shipments arrived in Shandong were significantly lower than a week ago. For the same week, iron ore deliveries leaving Australian ports fell 860,000 mt on the week to 17.56 ...

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Seanergy Maritime Holdings Corp. Announces Agreement to Acquire a Capesize Vessel with Prompt Delivery

Seanergy Maritime Holdings Corp. announced that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel (the “Vessel”). The Vessel was built in 2005 at Mitsui Engineering & Shipbuilding Co. Ltd. in Japan, has a cargo-carrying capacity of approximately 177,536 deadweight tons (“dwt”) and shall be renamed M/V Goodship. Following her delivery, the size of the Company’s fleet will increase to 11 Capesize vessels with an aggregate cargo capacity of approximately 1,926,117 dwt. The vessel is expected to be delivered by the end ...

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Baltic Dry Index falls to 1949, down 7 points

Today, Tuesday, July 07 2020, the Baltic Dry Index decreased by 7 points, reaching 1949 points.

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China iron ore port inventories rose as demand weakened on production curbs

Inventories of seaborne iron ore at Chinese ports continued to trend higher last week, as demand waned slightly on the release of the new air quality control plan of the top steelmaking hub—Tangshan, which is likely to be enforced strictly and cause more production losses. SMM data showed that iron ore stocks across 35 Chinese ports increased 340,000 mt from June 24 to 100.66 million mt as of July 3, following a 980,000 mt rise in the previous week. The stocks were 5.14 million mt lower than a year ago. ...

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Baltic index rises on higher demand for panamax vessels

The Baltic Exchange’s main sea freight index rose on Monday helped by stronger rates for panamax and supramax vessels which more than offset a decline in capesize demand. The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, climbed 62 points, or 3.3%, to 1,956, its highest since late September 2019. The panamax index rose 4.6%, or 60 points, to 1,376. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to ...

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Iron ore futures dip as global supply worries wane

Iron ore futures slipped on Monday as rising port inventories of the steelmaking ingredient in China helped soothe worries over global supply tightness that have kept spot prices supported at above $100 a tonne for more than a month now. Iron ore on the Dalian Commodity Exchange fell as much as 0.5% to 740 yuan ($104.90) a tonne, while the Singapore Exchange’s most-active contract dropped 0.9% to $95.64. The Dalian contract gained 29% in the first half of 2020, buoyed largely in the second quarter when demand rebounded after China ...

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Baltic Dry Index climbs to 1956, up 62 points

Today, Monday, July 06 2020, the Baltic Dry Index climbed by 71 points, reaching 1984 points.

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Dry Bulk Market’s Rally Continues Unabated

Capesize The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is predominately off the back of the Atlantic Basin crying out for more tonnage. Atlantic charterers from Eastern Canada and Norway are seen to be paying large voyage rates to deliver their iron ore product to China. Iron ore prices have come off recent highs, yet the levels still remain a bonus for miners looking to take advantage – freight costs are an after-thought. The Atlantic Basin ...

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