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Dry Bulk Market

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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US coal exports drop to 3.5-year low in May: Census

US coal exports tumbled to a 3.5-year low 4.28 million mt in May, as metallurgical and bituminous coal both saw declines, while subbituminous exports rose on the month, according to US Census Bureau data released July 2. May coal exports were down 13.9% from 4.97 million mt in April and the lowest since 3.88 million mt was exported in September 2016. Thermal exports fell to 1.58 million mt in May, down 14.6% from April and 54.2% lower year on year. Year-to-date thermal exports are at 10.96 million mt, down 35.6% ...

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Baltic index posts 7th straight weekly gain on higher demand

The Baltic Exchange’s main sea freight index rose to register a seventh straight weekly gain on Friday, as demand gained steam across all vessel segments. The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 71 points, or 3.9%, to 1,894, climbing to its highest since mid-October 2019 and rising 8.3% for the week. Easing virus-led lockdowns in China have boosted demand for iron-ore, helping the index to gain 73.8% so far this year. The Baltic capesize ...

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Pacific Basin Shipping Expects Almost $200 Million of Vessel Impairments

The board of directors of Pacific Basin Shipping Limited (the “Board”) wishes to inform the Company’s shareholders and potential investors that, in light of the uncertain market outlook in the dry bulk shipping industry, the Company expects that a one-off non-cash impairment charge of US$198 million on the Group’s Handysize core fleet – primarily on its smaller and older Handysize vessels – will be reflected in its unaudited consolidated results for the six months ended 30 June 2020 (the “Period”). Including this impairment, the Group is expected to record a ...

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Baltic Dry Index climbs to 1894, up 71 points

Today, Friday, July 03 2020, the Baltic Dry Index climbed by 71 points, reaching 1984 points.

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China’s Shenhua stops selling spot domestic coal for July: sources

Chinese coal miner Shenhua has temporarily stopped offering cargoes in the spot market, citing a supply shortage, sources said July 2, citing a company notification to buyers. Strong demand for Chinese coal and Shenhua’s obligation to supply under long-term contracts were cited as reasons for the supply tightness, the sources said, adding the move has boosted Chinese domestic coal prices. Followed the announcement, no offers for spot cargoes of Chinese coal were heard from Shenhua, traders in China said. “Demand for Chinese coal is too good, hence ports are congested,” ...

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Dry Bulk Market’s Rebound Not Directly Linked to Demand Growth

The dry bulk market’s latest rally, most notably in the Capesize market, while welcome, isn’t entirely down to fundamentals and as such, could be short-lived. In its latest weekly report, shipbroker Allied Shipbroking noted that “while the Covid-19 pandemic seems to be escalating once more, the global markets seem to be heading back into shock and uncertainty. Despite though the overall disarray in global economic conditions, the dry bulk sector has set upon it a completely different trajectory during the past month or so. Has this been down to a ...

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Baltic index rises on firmer vessel rates

The Baltic Exchange’s main sea freight index rose for a 25th consecutive session on Thursday, helped by improving demand for all vessel segments. The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 20 points, or 1.1%, to 1,823, its highest since Oct. 17. The index has gained 67.2% so far this year, driven mainly by a recovery in demand for iron-ore from China as industrial activity picked up amid easing coronavirus-induced lockdowns. The Baltic capesize index ...

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