As long as lockdown measures apply to many parts of the world, the recovery of global demand is bound to take much longer. In turn, this will hinder the recovery of the freight rate market, which has been nosediving for the most part, since the summer months. In its latest weekly report, shipbroker Allied Shipbrokingg said that “we are slowly coming to the end of what has been one of the toughest, most volatile and unpredictable years noted in over a decade for the global market economy. Any past trends ...

The Baltic Exchange’s main sea freight index advanced on Friday, booking its biggest weekly gain since early October, on the back of higher rates across all vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose by 11 points, or 0.9 %, to a more than three-week high of 1,230. The index firmed 7.1% this week. The capesize index gained 24 points, or 1.6%, to 1,533, the highest since Nov. 12. The index rose 6.8% for the week. Average daily earnings for capesizes, which ...

BIMCO started reporting from 30 September 2020, a series of articles, informing members of what to expect in the revised International Maritime Solid Bulk Cargoes (IMSBC) Code (Amendment 05-19), which will come into force on 1 January 2021. This is the 5th article in the series. Today, BIMCO reports on a new table of physical properties and hazard classification for cargo entries in the IMSBC Code. A typical user of the IMSBC Code would be familiar with a table that appears in every cargo schedule of the said Code, listing ...

The explosive growth seen in China’s grain demand this year has not been caused by just a temporary supply shortage but signals a structural change in domestic consumption levels, US Grains Council (USGC) China director Bryan Lohmar said in an interview with S&P Global Platts. China’s corn imports hit 7.8 million mt between January and October, a sharp 1,151% increase from last year, latest data from China customs showed. China’s import volumes are already above the set annual tariff rate quota level of 7.2 million mt, breaching the quota for ...

The Indian Ministry of Finance has cut the import duty on crude palm oil by 10% to 27.5%, according to a document sent to S&P Global Platts. The duty cut will be effective from Nov. 27. Mumbai-based Sunvin Group’s founder and CEO, Sandeep Bajoria, said that “the government was concerned with the high prices locally, and called for the duty reduction to cool the market. The import margins are currently negative at $25-$30/mt, and this move will see the disparity vanish.” “I expect that Indian palm oil imports will increase ...

Scorpio Bulkers Inc. announced today that the Company has entered into an agreement with an unaffiliated third party to sell the SBI Bravo, SBI Antares, SBI Hydra, and SBI Maia, Ultramax bulk carriers built in 2015, for approximately $67 million in aggregate. Delivery of the vessels is expected to take place in the first quarter of 2021. The sales are subject to approval from existing financiers and the execution of definitive documentation. Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities, and is investing in the ...

Seven of the top 10 destinations for U.S. coal exports reduced shipments in the third quarter and total exports dragged while only mildly improving quarter over quarter as the global economy rebounded from the initial shock of the coronavirus pandemic. U.S. coal exports totaled 13.9 million tonnes in the third quarter, down 30.7% from 20.1 million tonnes shipped in the prior-year period, according to data compiled by S&P Global Market Intelligence. Deliveries rose by 3.14% compared to the previous quarter, which could indicate recovering global coal and steel demand among ...

The Baltic Exchange’s main sea freight index rose for an eighth straight session to its highest in three weeks on Thursday, steered by stronger rates across all vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose by 22 points, or 1.8%, to 1,219, its highest since Nov. 4. The capesize index added 40 points, or 2.7%, to 1,509 – hitting a two-week high. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — ...

In the following weeks Klaveness Research will in a series of articles have a look at how we believe the fundamentals impacting dry bulk freight rates are shaping up for 2021. In the first article we started off by having a look at the big picture. In the second, third, and fourth article we drilled further down into the details of the seaborne iron ore, coal and grains market. This week’s article will be on the minor bulks trade. In subsequent reports we will drill further down into the seaborne ...

An analysis published by Wood Mackenzie forecasts that thermal coal imports will increase in December in China. According to the market analyst, seaborne thermal coal imports will grow from 9.5 Mt to 20 Mt in December. This new figure is much higher than the 8.8 Mt in September or the 17.7 Mt average of the first nine months of the year. Sign Up for the Energy Digest In WoodMac’s view, the increase will work to ease domestic prices and strengthen seaborne prices. The scenario that leads to such growth is ...

The Baltic Exchange’s main sea freight index climbed for a seventh straight session on Wednesday, helped by stronger rates across all vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, gained 19 points, or 1.6%, at 1,197, its highest level since Nov. 10. The capesize index was up 22 points, or 1.5%, to its highest since Nov. 16, at 1,469. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, were up ...

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 ...

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 ...

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 ...

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 ...