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Dry Bulk Market

Dry Bulk Market: Capesize Market Bounces Back By the End of the Week

Capesize The Capesize market this week continued its recent range bound sideways drift hitting a low of $11,996 Tuesday on the 5TC, before closing the week out at $12,712. While the Pacific had more of a muted week, the Atlantic basin stepped up its activity with numerous fixtures being heard out of Brazil and, to a lesser extent, the North Atlantic. Meanwhile, Brazil to China voyage rates were seen strengthened, gaining 39 cents to settle the week at $13.815. It is noted that bunker levels have lifted, thus providing underlying ...

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Appalling fate of non-coking coal trade

While imports to the EU will continue to decline, momentum in Asia’s imports will remain intact over the next five-eight years, thereby supporting dry bulk shipping demand. However, increasing consensus on limiting climate change is expected to decelerate coal imports to Asia post-2030, leading to a drop in non-coking coal trade and consequently dampening employment opportunities for dry bulk vessels. Voices against pollution-emitting technology, including coal-based power plants, are getting louder by the day, influencing decisions of both government authorities and private players. Since the power sector is the prime ...

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Ag export equation: Bulk surge, box squeeze, ‘reefer madness’

Good news for America’s beleaguered agriculture exporters: China is buying again. A lot. Bulk-vessel loadings are finally returning to pre-trade-war levels just as President Donald Trump is leaving office. Bad news for exporters: Ag shipments via containers now face a double whammy. First, exporters still don’t have enough containers to get their goods to Asia in a timely fashion. And second, China is once again clamping down on inspections on fears that frozen food carries COVID. More ‘reefer madness’ in China When China intensifies food inspections, inland moves of reefer ...

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China increases coal import quotas but Australia likely to be excluded

China’s foreign ministry has warned Australia to handle the bilateral relationship with “mutual respect and equality” after it imposed “devastating” tariffs of up to 212% on Australia wines. It comes as the country increases its coal import quotas for 2020 by about 20m tonnes but is very likely to exclude Australia, which has hundreds of millions of tonnes anchored off the Chinese coast in a deepening trade dispute with Beijing. Guardian Australia also understands China is reducing customs clearance times for Australia’s key coal export competitors, Indonesia and Russia. On ...

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The Global Recovery’s Delay Will Impact The Shipping Market’s Recovery

As long as lockdown measures apply to many parts of the world, the recovery of global demand is bound to take much longer. In turn, this will hinder the recovery of the freight rate market, which has been nosediving for the most part, since the summer months. In its latest weekly report, shipbroker Allied Shipbrokingg said that “we are slowly coming to the end of what has been one of the toughest, most volatile and unpredictable years noted in over a decade for the global market economy. Any past trends ...

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Baltic index posts best week in eight on strong vessel rates

The Baltic Exchange’s main sea freight index advanced on Friday, booking its biggest weekly gain since early October, on the back of higher rates across all vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose by 11 points, or 0.9 %, to a more than three-week high of 1,230. The index firmed 7.1% this week. The capesize index gained 24 points, or 1.6%, to 1,533, the highest since Nov. 12. The index rose 6.8% for the week. Average daily earnings for capesizes, which ...

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5th BIMCO Report on the IMSBC Code Amendments entering into force – New Table of Characteristics

BIMCO started reporting from 30 September 2020, a series of articles, informing members of what to expect in the revised International Maritime Solid Bulk Cargoes (IMSBC) Code (Amendment 05-19), which will come into force on 1 January 2021. This is the 5th article in the series. Today, BIMCO reports on a new table of physical properties and hazard classification for cargo entries in the IMSBC Code. A typical user of the IMSBC Code would be familiar with a table that appears in every cargo schedule of the said Code, listing ...

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China grain demand reflects structural change: US Grains Council

The explosive growth seen in China’s grain demand this year has not been caused by just a temporary supply shortage but signals a structural change in domestic consumption levels, US Grains Council (USGC) China director Bryan Lohmar said in an interview with S&P Global Platts. China’s corn imports hit 7.8 million mt between January and October, a sharp 1,151% increase from last year, latest data from China customs showed. China’s import volumes are already above the set annual tariff rate quota level of 7.2 million mt, breaching the quota for ...

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India cuts import duty on crude palm oil by 10%

The Indian Ministry of Finance has cut the import duty on crude palm oil by 10% to 27.5%, according to a document sent to S&P Global Platts. The duty cut will be effective from Nov. 27. Mumbai-based Sunvin Group’s founder and CEO, Sandeep Bajoria, said that “the government was concerned with the high prices locally, and called for the duty reduction to cool the market. The import margins are currently negative at $25-$30/mt, and this move will see the disparity vanish.” “I expect that Indian palm oil imports will increase ...

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Scorpio Bulkers Inc. Announces the Sale of Ultramax Vessels

Scorpio Bulkers Inc. announced today that the Company has entered into an agreement with an unaffiliated third party to sell the SBI Bravo, SBI Antares, SBI Hydra, and SBI Maia, Ultramax bulk carriers built in 2015, for approximately $67 million in aggregate. Delivery of the vessels is expected to take place in the first quarter of 2021. The sales are subject to approval from existing financiers and the execution of definitive documentation. Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities, and is investing in the ...

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US coal exports to 7 of top 10 destinations declined in Q3’20

Seven of the top 10 destinations for U.S. coal exports reduced shipments in the third quarter and total exports dragged while only mildly improving quarter over quarter as the global economy rebounded from the initial shock of the coronavirus pandemic. U.S. coal exports totaled 13.9 million tonnes in the third quarter, down 30.7% from 20.1 million tonnes shipped in the prior-year period, according to data compiled by S&P Global Market Intelligence. Deliveries rose by 3.14% compared to the previous quarter, which could indicate recovering global coal and steel demand among ...

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Baltic index hits 3-week high as vessel rates climb

The Baltic Exchange’s main sea freight index rose for an eighth straight session to its highest in three weeks on Thursday, steered by stronger rates across all vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose by 22 points, or 1.8%, to 1,219, its highest since Nov. 4. The capesize index added 40 points, or 2.7%, to 1,509 – hitting a two-week high. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — ...

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2021 Dry Bulk Outlook – Minor Bulks

In the following weeks Klaveness Research will in a series of articles have a look at how we believe the fundamentals impacting dry bulk freight rates are shaping up for 2021. In the first article we started off by having a look at the big picture. In the second, third, and fourth article we drilled further down into the details of the seaborne iron ore, coal and grains market. This week’s article will be on the minor bulks trade. In subsequent reports we will drill further down into the seaborne ...

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China coal imports to increase in December – report

An analysis published by Wood Mackenzie forecasts that thermal coal imports will increase in December in China. According to the market analyst, seaborne thermal coal imports will grow from 9.5 Mt to 20 Mt in December. This new figure is much higher than the 8.8 Mt in September or the 17.7 Mt average of the first nine months of the year. Sign Up for the Energy Digest In WoodMac’s view, the increase will work to ease domestic prices and strengthen seaborne prices. The scenario that leads to such growth is ...

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Baltic index rises on firmer rates for all vessels

The Baltic Exchange’s main sea freight index climbed for a seventh straight session on Wednesday, helped by stronger rates across all vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, gained 19 points, or 1.6%, at 1,197, its highest level since Nov. 10. The capesize index was up 22 points, or 1.5%, to its highest since Nov. 16, at 1,469. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, were up ...

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