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China iron ore imports dip in April on shipping disruptions

China’s iron ore imports fell 3.5% in April from a month earlier, official customs data showed on Friday, as shipments to the world’s top iron ore consumer from major suppliers were disrupted by inclement weather. Arrival volumes of the steelmaking ingredient stood at 98.57 million tonnes last month, according to data from the General Administration of Customs. That compared with imports of 102.11 million tonnes in March and 95.71 million tonnes in April 2020. “Shipments from Australia declined recently due to a cyclone in early April,” Tang Binghua, analyst with ...

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Steel demand bouncing back

Global steel demand is expected to grow by 5.8% this year, and by a further 2.7% next year, more than offsetting the 0.2% decline in demand in 2020. In real terms this means an extra 102 million tonnes will be needed this year, with a further 50.6 million tonnes anticipated in 2022, according to the World Steel Association’s (worldsteel) Short Range Outlook. Saeed Ghumran Al Remeithi, chairman of the worldsteel Economics Committee, commented: “Despite the disastrous impact of the pandemic on lives and livelihoods, the global steel industry was fortunate ...

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China commodity imports rise in April on year

China’s imports of major commodities mostly rose in April from a year ago, data from the General Administration of Customs showed on Tuesday, as the world’s second-biggest economy continued its post-COVID-19 gains. China’s overall imports rose 43.1% from a year earlier, the fastest gain since January 2011. Below are comments from analysts on the commodities data. KEY POINTS: *Crude oil: April imports were at 40.36 million tonnes, down 0.2% yoy *Iron ore: April imports were at 98.57 million tonnes, up 3.0% yoy *Copper: April imports were at 484,890 tonnes, up ...

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Norden Builds Substantial Value In Q1 And Raises Guidance For 2021

NORDEN is well-positioned to capitalise on a historically strong dry cargo market through significant increases in fleet values and by building strong positions for the remainder of 2021. For Q1 2021, NORDEN reports an Adjusted Result of USD -6 million (USD 29 million) and raises its guidance for the Adjusted Annual Result to USD 75-125 million, based on a strong performance in the Dry Operator business unit which is expected to bring significantly increased earnings in the remainder of 2021. The strong dry cargo market has led to an increase ...

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Iron-ore prices hit record high with appetite for steel ‘far beyond expectations’

Iron ore logged its highest price on record Thursday, buoyed by insatiable demand for steel in China. The benchmark S&P Global Platts IODEX, the spot price of 62% iron- fines delivered to China, was assessed at a record high of $202.65 per dry metric ton on Thursday. It trades up by about 27% from the Dec. 31 price, according to data from S&P Global Platts. “Appetite for steel has been far beyond expectations as China returned to work [Thursday], helping iron ore fly past this historic milestone,” said Julien Hall, ...

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China suspension of economic dialogue with Australia not seen hitting wheat trade: sources

China’s decision to suspend trade activities under a strategic economic dialogue with Australia is unlikely to affect Australian wheat exports in the 2020-21 marketing year, as most of the supplies expected during the season have been already booked or sailed, sources said. China on May 6 said it was indefinitely suspending all activities under the China-Australia Strategic Economic Dialogue, countering a series of measures, which China said were taken to disrupt the normal exchanges and cooperation between the two countries. The trade dispute between China and Australia has been brewing ...

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Baltic index snaps 15-session winning run as capesizes drop

The Baltic exchange’s main sea freight index dropped from an 11-year peak on Thursday, breaking its 15-session winning steak, weighed down by lower rates for the larger capesize segment. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 54 points, or 1.7%, to 3,212. The index rose for the previous 15 sessions, its longest gaining streak since the 27-session winning run that ended in early July last year. The capesize index fell 237 points, or nearly 4.4%, to 5,167, having jumped ...

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Shipping players benefit from new biz apart from 10-year high Baltic Dry

With Baltic Dry Index having hit 10-year high recently, Indian shipping companies are not just benefitting from high freight but also from increased trade with Bangladesh and Vietnam, industry experts said today. “Construction activity has picked up significantly in Bangladesh as the country is focusing on infrastructure growth. Due to this, Indian shipping companies are witnessing increased cargo volumes with a lot of bulk raw material getting shipped. This is going to be a long term trend as infrastructure push is expected to continue,” Captain Rahul Bhargava, chief operating officer ...

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First and Only Dry Bulk Shipping ETF (BDRY) Reaches $100M AUM Milestone

Innovative ETF issuer, ETF Managers Group (ETFMG®), together with their partners at Breakwave Advisors LLC, an asset management and advisor services firm for the shipping and commodities industries, is happy to announce that the Breakwave Dry Bulk Shipping ETF (NYSE Arca: BDRY) has surpassed a significant milestone of $100 million in assets under management.* The first-to-market product, which debuted in 2018, remains the only freight futures ETF exclusively focused on dry bulk shipping, an instrumental part of the global commodity market. This milestone is coming at a time when commodities ...

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Record-high Chinese steel prices power Asia iron ore benchmarks

Chinese steel futures resumed their record-setting rally on Thursday, after a five-day Labour Day holiday, over demand prospects and lifted prices of steelmaking ingredients including iron ore. Asia’s iron ore benchmarks also rose after China “indefinitely” suspended all activity under a China-Australia Strategic Economic Dialogue, in the latest setback to the strained relations between Beijing and Canberra. Australia is the world’s biggest iron ore supplier and covers about two-thirds of China’s import needs of the raw material. China, the world’s top steel producer, has imposed a series of trade sanctions ...

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Baltic Dry Index falls to 3212 down 54 points

Today, Thursday, May 06 2021 , the Baltic Dry Index decreased by 54 points, reaching 3212 points.

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Safe Bulkers, Inc. Reports Stronger First Quarter 2021 Results As Market Improves

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced yesterday its unaudited financial results for the three month period ended March 31, 2021. Management Commentary Dr. Loukas Barmparis, President of the Company, said: “During the first quarter of 2021 we increased our profitability and strengthened our balance sheet. We intend to continue our efforts to gradually renew our fleet through selective sales of older vessels and new acquisitions. We are focused on our environmental performance and will continue to invest to improve our operations in this area. ...

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Genco Shipping & Trading Limited Further Steps Taken Towards Implementation of New Comprehensive Value Strategy, Increases quarterly cash dividend to $0.05 per share

Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months ended March 31, 2021. The following financial review discusses the results for the three months ended March 31, 2021 and March 31, 2020. First Quarter 2021 and Year-to-Date Highlights Announced Genco’s new comprehensive value strategy in April 2021 This strategy is centered on low financial leverage and three key tenets: Attractive quarterly dividends based on cash flow after debt service less a reserve ...

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After April record, Brazil soy exports likely to fall in May, analyst says

Brazilian soybean exports in May are likely to fall after setting a monthly record in April due to the absence of Chinese buyers, according to an agribusiness analyst and data from a maritime agent. China is being more cautious after soy prices in Chicago Sc1 touched an eight-year high, according to Fernando Muraro, an analyst at AgRural. “China has been absent from our market after large purchases,” he told Reuters, noting that the Chinese strategy was to buy big volumes in advance before prices soared. AgRural estimates Brazilian soybean exports ...

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Stronger rates lift Baltic index to near 11-year peak

The Baltic exchange’s main sea freight index rose on Wednesday, its highest since mid-2010, boosted by gains across vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose by 109 points, or 3.5%, to 3,266, its strongest level since June 2010. The capesize index rose 224 points, or 4.3%, to an over 11-year high of 5,404. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $1,858 at $44,817. “The dry ...

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