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Dry Bulk Market

Panamax freight spikes in Pacific on Atlantic grain demand, US-China deal

Panamax freight rates on leading Pacific routes surged on Thursday on the back of Atlantic grain demand as well as on expectations of this segment benefiting from the signing of the US-China Phase 1 trade deal. S&P Global Platts assessed the key 75,000-mt (plus/minus 10%) metallurgical coal route from Hay Point on Australia’s east coast to Paradip on India’s east coast at $13.80/mt on Thursday, up $1.35/mt from Wednesday. This 10% spike is the highest single day jump since early January 2016. The corresponding time charter equivalent (TCE) rate for ...

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Baltic index dips on subdued demand for capesize vessels

The Baltic Exchange’s main sea freight index fell on Friday, as a fall in capesize vessel rates on weak demand outweighed gains in the other vessel segments. The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 14 points, or 1.8%, to 754. The index lost 0.5% this week, the sixth straight weekly loss. The capesize index dropped 72 points, or 9.2%, to 712 – its lowest since late-April. The index registered its 26th straight session of losses and declined 26% this week. ...

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World seaborne coal trade rose 0.7% in 2019 – German importers

Seaborne coal trade around the world grew 0.7% last year, helped by higher output in China and Indonesia and more export activity by Indonesia, Australia, Russia and Canada, Germany’s VDKI coal importers lobby said. Imports and exports, counted together, rose to 1.218 billion tonnes from 1.210 billion tonnes in 2018, VDKI Managing Director Franz-Josef Wodopia said in an speech made available to Reuters, citing VDKI estimates. Within the 2019 total, trade in coking coal used for steelmaking dropped by 1% to 287 million tonnes as steel production declined, the Verein ...

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China iron ore port stocks rose on greater arrivals

Inventories of seaborne iron ore across Chinese ports rose this week, after declining for two consecutive weeks, due to more arrivals. SMM data showed that iron ore stocks across 35 Chinese ports increased 650,000 mt in the week ended January 17 to 114.4 million mt, after a decline of 1.66 million mt in the previous week. This was 15.82 million mt lower than the same period last year. SMM estimates that there were 87 vessels carrying 14.18 million mt of iron ore arrived at major Chinese ports during January 5-11, ...

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Rio Tinto targets 330 million-343 million mt of iron ore shipments in 2020

Rio Tinto is expecting its Australian iron ore operations to ship 330 million mt-343 million mt this year after seeing shipments of 327.4 million mt in 2019, the company said Friday. The 2019 result was down 3% from 2018 as the company dealt with weather and operational challenges in the first half of the year and a decision to protect the quality of its Pilbara Blend, it said. Iron ore production of 326.7 million mt in 2019 also was down 3% from 2018. “Performance in the second half of 2019 ...

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China launches fresh restrictions for thermal coal imports: sources

China has reportedly launched fresh restrictions on thermal coal imports this year, with tightened customs declarations at certain ports effective Friday, market sources said. Caofeidian port in northern China and Rizhao port in the eastern part of China were reported to have tightened custom declarations for coal imports effective January 17, which is being interpreted by the market as a sign that local ports are looking to regulate imports for local trading companies in 2020, market sources said. Certain market participants in China received notices from port agents that users ...

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Baltic Dry Index falls to 754, down 14 points

Today, Friday, January 17 2020, the Baltic Dry Index decreased by 14 points, reaching 754 points.

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China to purchase $36 bil of US agricultural products in 2020, $43 bil in 2021: governments

China has committed to purchase $36.3 billion worth of US agricultural products, including soybeans, in 2020 and $43.3 billion in 2021, under the Phase 1 trade deal signed Wednesday, according to a joint statement released by the two governments. US President Donald Trump and Chinese Vice Premier Liu He signed the trade deal that seeks to boost China’s import of American goods and services and end the 18-month long dispute between the two nations. Until 2017, before the US-China trade dispute started, China was buying $25 billion worth of US ...

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China’s ‘market condition’ caveat on U.S. ag purchases adds to trade deal doubts

China’s pledge to buy U.S. farm goods based on “market conditions” during the Phase 1 trade deal signing ceremony on Wednesday added to doubts among farmers and commodity traders over Beijing’s lingering tariffs on U.S. exports. The agreement, meant to reduce tensions after nearly two years of a tit-for-tat tariff war, included a pledge by China to purchase at least an additional $12.5 billion worth of agricultural goods in 2020 and at least $19.5 billion over the 2017 level of $24 billion in 2021. President Donald Trump’s insistence on a ...

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Baltic index flat as panamax demand offsets capesize 9-month low

The Baltic Exchange’s main sea freight index stayed flat on Thursday, as rise in demand for panamaxes offset fall in capesize rates, with the capesize index dropping to near 9-month low. The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, remained steady at 768. The capesize index dropped 94 points, or 10.7%, to 784 – its lowest since April 26. The index has fell for a 25th straight session. “Far East iron ore and coal volumes are fair but not sufficient to change ...

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Baltic Dry Index remains at 768, no change

Today, Thursday, January 16 2020, the Baltic Dry Index showed no change, remaining at 768 points.

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Argentine farmers increased forward selling of soybeans to avoid higher export taxes

Argentina farmers increased the forward selling of soybeans in the last four months of 2019 in an effort to avoid higher export taxes that are now in effect, according to a Global Agricultural Information Network report from the U.S. Department of Agriculture. Figures released by the Argentine Ministry of Agriculture show that as of Dec. 18, 2019, exporters had registered 5.52 million tons of forward sales for export of the 2019-20 soybean crop. In comparison, exporters only had registered 588,000 tons of forward sales for export of the 2018-19 soybean ...

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Baltic index rises on higher panamax demand

The Baltic Exchange’s main sea freight index that tracks rates for ships ferrying dry bulk commodities edged higher on Wednesday, helped by rising demand for panamax vessels. The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 5 points, or 0.7%, to 768. The capesize index dropped 92 points, or 9.5%, to 878 – its lowest since April end. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $244 to $9,011. A shrinking inventory of ...

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China’s steel exports to stay low in 2020 after a 7% drop in 2019

China’s finished steel exports dropped 7.3% year on year to 64.293 million mt in 2019, the lowest annual total since 2014, and an indication of robust steel demand despite higher crude steel capacity. In December 2019, China’s steel exports dropped 15.7% year on year to 4.684 million mt, China’s customs data released Tuesday showed. On a daily basis, the export volume in December slipped by an average of 0.9% from November. Some steel traders expect exports in January 2020 to be similar to that in December. Finished steel exports in ...

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Iron ore shipments from Australia shrank amid unfavourable weather

SMM estimates that there were 87 vessels carrying 14.18 million mt of iron ore arrived at major Chinese ports during January 5-11, up 300,000 mt from the week ended January 4. This marked a second consecutive week of increase. During the same period, iron ore deliveries leaving Australian ports slumped 2.61 million mt on the week to 10.78 million mt, 3.57 million mt lower than the same period last year, as a hurricane and heavy rainfall disrupted the shipments. Shipments that departed Brazilian ports were also estimated to shrink, by ...

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