EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced that it has agreed to acquire M/V Molyvos Luck, a 57,924 dwt drybulk vessel built in 2014, for $21.2 million. The vessel was majority owned by an un-affiliated third party and has been managed by Eurobulk Ltd., also the manager of the majority of the Company’s vessels. The vessel is expected to be delivered to the Company around the end of January 2022. The Company will also assume the existing charter of ...

The dry bulk market has been in correction mode for the most part of the past few weeks and the start of 2022 has been no exception. However, this period of lean earnings, could also be a good time to invest more in the segment, as rates are bound to recover after the Chinese holidays next month. In its latest weekly report, shipbroker Intermodal noted that “since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels were ...

The Baltic Exchange’s dry bulk sea freight index fell for a ninth straight session on Wednesday, touching its lowest level in about a year, on weaker demand across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 74 points, or 4.5%, to 1,570, its lowest since February 2021. The capesize index dropped 90 points, or 6.8%, to 1,226, its lowest since mid-February last year. Heavy rains in Brazil led to a decline in iron ore inquiries from the area, while coal routes ...

China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over tight supply ahead of a national holiday when coal mines typically slow operations or shut down. The most-active thermal coal futures contract on the Zhengzhou Commodity Exchange CZCcv1 traded up 6.6% at 774.8 yuan ($122.06) a tonne. The rally is in line with the upward trend on the spot market, with benchmark prices for 5,500 kilocal coal at northern ports having gained 18% so this year to ...

Russia’s exports of oil, natural gas and coal, a key source of revenue for the Kremlin’s coffers, have been in the spotlight in recent months against the backdrop of Moscow’s broader standoff with the West over military alliance NATO’s expansion. Political tensions between the West and Russia have boosted oil and gas prices. Following are the key elements of Russia’s commodity exports: OIL Russia’s annual oil production C-RU-OUT rose by more than 2% last year to 10.52 million barrels per day (bpd) thanks to the easing of output cuts by ...

The Baltic Exchange’s dry bulk sea freight index dropped to an 11-month low on Tuesday, pressured by weaker demand across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 87 points, or 5%, to 1,644, its lowest level since mid-February. The capesize index dropped 153 points, or 10.5%, to 1,316, its lowest since February. Average daily earnings for capesize vessels, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $1,277 to $10,913. The panamax index slipped 103 points, or ...

Indonesia has so far allowed 48 coal export vessels to depart, a senior Trade Ministry official said on Tuesday, although the country’s broader coal export ban remains in place until the end of the month. The world’s biggest thermal coal exporter implemented an export ban on Jan. 1 as coal inventories at local power plants were at critically low levels, to avoid widespread outage. “As of today, 48 vessels have been released from a total of 29 companies,” senior official Indrasari Wisnu Wardhana told a virtual news briefing. Trade Minister ...

According to data tracked by SMM, 74 ships arrived at domestic main ports in January 10 – January 16. Arrivals of cargoes are estimated to stand at 11.27 million mt, up 200,000 mt from the previous week and down 8.19 million mt year on year. Shipments that departed Australian ports were estimated to increase 0.46 million mt week on week to 17.96 million mt, down 0.71 million mt on the year. And that from Brazilian ports increased 330,000 million mt to 5.22 million mt on a weekly basis, down 0.77 ...

Mining giant Rio Tinto is forecasting its iron ore shipments to rise in 2022 after a dip in 2021, while the schedule for first production at its Gudai-Darri project in Western Australia has been pushed back due to issues related to the pandemic, the company said Jan. 18 in its fourth quarter production results. The company’s iron ore shipments from the Pilbara region of Western Australia fell 5% year on year to 84.1 million mt in October-December, and edged up 1% from the previous quarter, the company said. That took ...

Chinese steel rebar and hot rolled coils futures traded within a tight range on Tuesday as consumption by the construction sector remained weak, with mills cutting production ahead of holidays. Around 50 steelmakers have announced maintenance plans near the coming Lunar New Year holidays, with some producers planning to resume production in late-February or March, according to consultancy Mysteel. However, a still sluggish real estate market offset the impact from reduced supply. China’s gross domestic product in the property sector fell 2.9% in the fourth quarter of 2021 compared with ...

Brazilian soybean exports in the first half of January have surged considerably from the same period last year, according to the country’s foreign trade department Secex, likely supporting local oilseed prices. The world’s top beans producer and exporter shipped 1.24 million mt of the oilseed through Jan. 16, while in the same period last year the country exported only 17,500 mt, the Secex report said Jan. 17. Exported volumes were 49,498 mt for the full month of January last year, the data showed. The majority of January soybean shipments were ...

Indonesia may release an additional 22 ships with thermal coal for export, subject to an approval by the ministry of energy, according to a letter seen by S&P Global Platts Jan. 17. The country released 34 ships in the week ended Jan. 15 following verification by government officials, two weeks after it banned coal exports due to a domestic shortage. The ministry of energy and minerals is expected to grant export permission to companies that have fulfilled their domestic market obligation, or DMO, sources said, although the proposal to release ...

The Baltic Exchange’s dry bulk sea freight index fell for a seventh straight session on Monday as rates declined across all its vessel segments. The overall index, which factors in rates for capesize, panamax and supramax vessels, slipped 33 points, or 1.9%, to 1,731 for its lowest since early last March. The capesize index fell 26 points, or 1.7%, to 1,470, its lowest since late February. Average daily earnings for capesize vessels, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $217 to $12,190. Benchmark Dalian and ...

China’s iron ore imports may reach 90 million tons in January, which would represent a 5 percent month-on-month increase, driven by stronger infrastructure investment, and Australia is likely to account for 60 percent of those imports, becoming the biggest beneficiary, industry insiders said on Sunday. Domestic steel prices have gradually rebounded over the past two months, with the main contract for rebar futures up nearly 10 percent, driven by plans to increase infrastructure spending. That reflects rising steel demand in China and signals more iron ore imports. While commodity prices ...

Indonesia’s state utility Perusahaan Listrik Negara (PLN) said on Friday that together with the energy ministry it was strengthening a coal delivery monitoring system to ensure enforcement of domestic sales rules and energy security. The world’s biggest thermal coal exporter introduced an export ban on Jan. 1 as coal inventories at local power plants were at critically low levels, amid low compliance with a so-called Domestic Market Obligation (DMO). Under the DMO, miners must sell 25% of their output to the local market with a price cap of $70 per ...