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Dry Bulk Market

Dry Bulk: Capesize Market Ends Week With Slight Improvement

Capesize After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC average opened the week at $20,970 and closed out Friday up $580 to settle at $18,930, illustrating clearly the deteriorating condition of the market. While the Pacific Basin maintained its usual constant flow, improved sentiment built in the Atlantic Basin. Bids were heard to be firmly up across all routes. The Brazil to China C3 route opened the week at $19.04, reaching a midweek low of $18.225. ...

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China iron ore port stocks rebounded on greater arrivals, cautious demand

Inventories of iron ore across Chinese ports rebounded this week, after three consecutive weeks of gains, as arrivals increased while steelmakers continued on-demand procurement. SMM data showed that iron ore stocks across 35 Chinese ports increased by 1.12 million mt from a week ago to 115.51 million mt as of November 22, 15.85 million mt lower than a year ago. There were 11.81 million mt of seaborne iron ore arriving at Chinese ports in the week ended November 16, according to SMM estimates. This was up 530,000 mt from the ...

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Chinese steel production declines for the first time in 21 months (year-on-year)

Chinese steel production dropped by one million (1m) tonnes, a decline of 1.2%, compared to October last year. China produced 81m tonnes of crude steel in October 2019. This is the first decline in steel production year-on-year (y-o-y) since December 2017. The story unfolds quite differently when looking at the accumulated volumes of crude steel production. In total, China has produced 829m tonnes of crude steel through the first 10 months of 2019, an increase of 6% when compared to the same period last year. In fact, total steel production, ...

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Baltic index snaps 6-day losing streak on higher capesize rates

The Baltic Exchange’s main sea freight index on Friday rose for the first time in seven sessions, helped by an uptick in capesize rates. The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 29 points, or 2.3%, to 1,284 points. For the week, however, the index recorded its sixth straight fall, declining by 5.4%. The capesize index rose 92 points, or 3.8%, to 2,493, but still shed 5.4% in the week, its fifth fall in six weeks. “Lower iron ore imports in ...

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Baltic Dry Index climbs to 1284, up 29 points

Today, Friday, November 22 2019, the Baltic Dry Index climbed by 29 points, reaching 1284 points.

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Asia sticks with Argentina for Q1 wheat supply as Australian output shrinks

Argentina is set to dominate Asia’s grain market for a second consecutive year in 2020, with trading companies already buying significant volumes anticipating first-quarter demand in the region as drought curbs output in traditional export powerhouse Australia, trade sources said. Wheat exports from the South American nation to key importers like Indonesia, the world’s second-largest wheat buyer, Bangladesh, Malaysia and Vietnam have jumped to record levels in the course of the past 12 months, boosted by bumper harvests. With shipments accounting for more than 30% of the global trade, Asia ...

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Shipping number of the week: Chinese steel production declines for the first time in 21 months

Chinese steel production dropped by one million (1m) tonnes, a decline of 1.2%, compared to October last year. China produced 81m tonnes of crude steel in October 2019. This is the first decline in steel production year-on-year since December 2017. The story unfolds quite differently when looking at the accumulated volumes of crude steel production. In total, China has produced 829m tonnes of crude steel through the first 10 months of 2019, an increase of 6% when compared to the same period last year. In fact, total steel production, in ...

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Baltic index registers sixth successive drop on softer capesize rates

The Baltic Exchange’s main sea freight index ticked lower for a sixth straight session on Thursday, hurt by weaker demand for capesize vessels. The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down 5 points, or 0.4%, at 1,255 points. The capesize index fell 34 points, or 1.4%, to 2,401 points, it’s lowest since June 18. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, shed $256 to $18,350. Capesize rates have softened as ...

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GOGL – Third Quarter 2019 Results

Golden Ocean Group Limited, a leading dry bulk shipping company, yesterday announced its results for the quarter ended September 30, 2019. Highlights ▪ Net income of $36.7 million and earnings per share of $0.26 for the third quarter of 2019 compared with net loss of $33.1 million and loss per share of $0.23 for the second quarter of 2019 ▪ Adjusted EBITDA of $81.1 million for the third quarter of 2019, compared with $21.5 million for the second quarter of 2019 ▪ Took delivery of two chartered-in 103,000 dwt ice-class ...

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Baltic Dry Index falls to 1255, down 5 points

Today, Thursday, November 21 2019, the Baltic Dry Index decreased by 5 points, reaching 1255 points.

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Star Bulk Carriers Corp. Reports $5.8 Million Net Profit for the Third Quarter 2019

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the third quarter and the nine months ended September 30, 2019. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk returned to profitability during the third quarter 2019, reporting TCE Revenues of $131.3 million, Adjusted EBITDA of $72.2 million and a Net Profit of $5.8 million. The average TCE increased to $14,688/ day per vessel despite our fleet being affected by the repositioning to ...

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Dry Bulk Market: Capesize Segment Could Face More Downward Pressure

The dry bulk market is perilously close to ending the year in the same dire manner with which it began it. In its latest weekly report, Allied Shipbroking commented that “on Friday, the average of the year so far for the BDI closed at 1,346bp, almost perfectly attuned with what was noted during the whole of last year. Given also that the Capesize market has been showing a strong resistance to any downward so far, we may well see a modest yearly growth accumulate for the year (however, not as ...

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Baltic index records fifth straight fall on slowing capesize demand

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, dipped for a fifth successive session on Wednesday, weighed down by weaker capesize vessel rates. The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down by 44 points, or 3.4%, to 1,260. The capesize index dropped 108 points, or 4.3%, to 2,435 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $1,208 to $18,606. The panamax index rose 11 ...

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Baltic Dry Index falls to 1260, down 44 points

Today, Wednesday, November 20 2019, the Baltic Dry Index decreased by 44 points, reaching 1260 points.

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Baltic index down for fourth straight session on lower capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, extended losses to a fourth straight session on Tuesday on tepid demand for capesize vessels. The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 34 points, or 2.5%, to 1,304, its lowest since June 25. The capesize index dropped 60 points, or 2.3%, to 2,543 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, decreased by $816 to $19,814. China has ...

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