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Dry Bulk Market

China says coal imports failed environmental standards amid stalled Australian shipments

China on Wednesday said imported coal had failed to meet local environmental standards, responding to reports of dozens of shipments of Australian coal that are currently stalled in Chinese ports. “In recent years Chinese customs have conducted risk monitoring assessments on the safety and quality of imported coal, and we found that many coal imports have failed to meet environmental standards,” said Zhao Lijian at a daily media briefing. China has unofficially banned Australian coal imports since October amid souring relations between Beijing and Canberra. China has in turn increased ...

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Indian mills sign sugar export deals without government sweetener

Indian sugar mills have for the first time in three years agreed export agreements without the support of government subsidies as they scramble to pay dues owing to farmers, four industry officials told Reuters. So far they have contracted 10,000 tonnes of white sugar for exports in the new season that began on Oct. 1, which they face selling at a loss, potentially weighing on international prices. India is the world’s biggest consumer of sugar, but as the second biggest producer, produces more than required. The government uses subsidies to ...

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China allocates 20 mil mt thermal coal import quotas to end-users in 2020: sources

Chinese end-users were allocated up to 20 million mt import quotas for seaborne coal in 2020 by the Chinese authorities, in order to meet near-term coal demand amid the shortage of Chinese domestic coal, sources said. The move came on the heels after China allocated up to 3 million mt import quotas to Jiangsu end-users on Nov. 19 and an uptick in inquiries for Indonesian thermal coal along the Yangtze river in eastern from two state-owned utilities Nov. 18, sources said. Utilities in Zhejiang, Jiangxi and Anhui in eastern China ...

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More US wheat seen moving to China; total inspections up on week

More US wheat was seen moving to China in the week ended Nov. 19, latest data from the US Department of Agriculture showed, indicating contracted deals were translating to actual shipments, with total US wheat exports to China inching closer to a five-year high. US inspections for wheat bound for China hit 62,999 mt in the week to Nov. 19, taking total US wheat exports to China to 1.29 million mt so far in the 2020-2021 marketing season that started June 1, according to inspection data released Nov. 23. The ...

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Higher panamax rates buoy Baltic index

The Baltic Exchange’s main sea freight index gained for a seventh straight session on Tuesday, as higher demand for panamax and supramax vessels offset a slight dip in capesizes. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, edged up 9 points, or 0.8%, at 1,178, a peak since Nov. 10. The capesize index edged 3 points lower, or 0.2%, at 1,447, snapping a three session-long streak of gains. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking ...

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Ship Owners Turn to Second Hand Bulkers, Instead of Newbuildings

Ship owners have reverted to their year-old “habit” of opting for second hand dry bulk carriers, instead of newbuildings. In its latest weekly report, shipbroker Allied said that it was “a week with limited interest in the dry bulk newbuilding market, with just one fresh transaction taking place, a trend that is likely to hold as we are reach closer to the year’s close. This came as a continuation to the subdued action that we had noted in the year so far. Compared to the number of new contracts that ...

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Dry bulk shipping: China remains the driving factor, but coal policy is disrupting the market

The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-even point, though not high enough to make up for losses made during the first part of the year. Seasonal factors are currently increasing demand, while geopolitical developments, in particular around Chinese coal imports, are pulling on the brakes. Demand drivers and freight rates The second half of this year continues to prove much stronger than the first with China continuing to make up ...

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Iron ore exports at record high in October

Australian iron ore exports reached a record high of $10.9 billion in October, most of which was destined for China. Preliminary trade figures for the month showed iron ore exports accounted for over a third of all exports, the Australian Bureau of Statistics said on Tuesday. Gas exports were also up 18 per cent and meat was up 21 per cent. Total exports increased by $1.8 billion or six per cent in October to $30.5 billion. Imports rose by $2 billion in October or eight per cent to $25.7 billion. ...

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Baltic Dry Index climbs to 1,178, up 9 points

Today,Tuesday, November 24 2020, the Baltic Dry Index climbed by 9 points, reaching 1178 points.

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Grain grab – China’s global hunt for feed grains roils world market

Chinese feed producers, pig farmers and traders are reshaping the global grain market as they scour the world for supplies amid a domestic shortfall that sent local corn prices to record highs and is expected to fuel global food inflation in 2021. The country’s buying has put it on a trajectory to emerge as the top grain buyer by far this season, shattering previous purchase records and marking a clear break from China’s history as a relatively self-sufficient player in grain markets. That purchasing, and problems in other key producing ...

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Strengthening rates across vessels steer Baltic index higher

The Baltic Exchange’s main sea freight index rose on Monday for a fifth straight session, helped by higher rates for all vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up 21 points, or 1.8%, at 1,169, its highest level since Nov. 10. The capesize index rose by 15 points, or more than 1%, at 1,450. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, gained $124 to $12,021. Chinese ...

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Greek Owners Responsible for 36% of S&P Deals in the Dry Bulk Segment

Greek ship owners have been rather active in the dry bulk S&P Market this year, with the second half of the year, proving to be a much more active period for deals. In its latest weekly report, shipbroker Intermodal said that “as we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to date), offers a further analysis when it comes to comparison with the first. Specifically, the table below illustrates that the S&P ...

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Second round of lockdowns takes wind out of dry bulk recovery

A fall in Chinese coal demand and a second round of European virus lockdowns has deflated a nascent dry bulk recovery, despite strong demand for iron ore. The latest MSI HORIZON* monthly sector report notes that spot freight rates for all bulker benchmarks peaked in early October and have weakened since. The rapid pace of decline in Capesize rates is particularly surprising given China imported 107m tonnes of iron ore in October, up 15% yoy, with a considerably higher proportion obtained from longer haul sources Brazil and South Africa. The ...

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Navios’ Frangou Optimistic About Dry Bulk Market’s Growth in 2021

Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”) (NYSE: NM), a global seaborne shipping and logistics company, today reported financial results for the third quarter and nine month period ended September 30, 2020. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with our results for the third quarter of 2020. During the third quarter, Navios Holdings reported revenue of $126.2 million, adjusted EBITDA of $60.2 million and adjusted Net Income of $2.1 million.” Angeliki Frangou continued, “Drybulk demand in the first half of 2020 was adversely ...

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Diana Shipping Inc. Reported Net Loss of $13.2 Million For the Third Quarter of 2020

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million for the third quarter of 2020, including a $6.8 million impairment loss which resulted from the agreement to sell the vessels Sideris G.S. and Coronis. This compares to net income of $1.8 million and net income attributed to common stockholders of $0.3 million reported in the third quarter of 2019. Time charter revenues were $42.3 million ...

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