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Dry Bulk Market

China books first purchase of U.S. 2024-25 soybeans

China has booked its first purchases of U.S. soybeans for the 2024/25 marketing year, buying 132,000 metric tons of the oilseed, the U.S. Department of Agriculture confirmed in a sales announcement. The world’s largest soy buyer has stepped up its purchases in recent weeks and is expected to import a record volume of soybeans in July, but traders believe that most of the deals have involved low-priced Brazilian supplies. Sales of U.S. soybeans have lagged, particularly sales of the 2024/25 new crop that will be harvested this autumn. A year ...

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Iron ore rebounds ahead of key China meeting

Iron ore futures prices rebounded on Thursday amid mounting speculation that top consumer China will announce more stimulus in its third plenum after disappointing June inflation data. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) recouped early losses, ending daytimetrade 0.8% higher at 828 yuan ($113.9) ametric ton. The benchmark August iron ore SZZFQ4 on the Singapore Exchange rose 2.5%to $107.9 a ton, as of 0711 GMT. It hit an intraday high at $109.25 a ton earlier in the session. China’s consumer prices grew for a ...

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New order for Nova Marine Group and Algoma Central Corporation: The largest (and the “greenest”) cement carrier in the world

Two are the records achieved by this flagship of the cement carrier fleet of NovaAlgoma, the joint venture between the Italian Swiss-based Nova Marine Group (owned by Romeo and Gozzi Family) and the Canadian Algoma Central Corporation. The commitment for this unprecedent vessel has been just signed at Ningbo (China) by the founder and Chairman of Nova Marine Group, Mr. Giovanni Romeo, coadiuvated by the Group’s COO Salvatore Pugliese, and the chairman of the Chinese shipyard Xinle Shipbuilding. The 38,000 dwt cement carrier, the largest cement carrier ever, is expected ...

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Baltic index snaps 5-day losing streak on higher vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, snapped its five-session losing streak on Wednesday, helped by higher rates across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 45 points, or 2.4%, to 1,939. The capesize index rose 96 points, or 3.1%, to 3,215. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were up $797 at $26,666. Steel prices in China fell to ...

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Iron Ore Flows & Capesize Tonne Days

This week’s chart illustrates the increase in the monthly volume of Brazilian iron ore during the second quarter of this year (left chart), alongside the growth in Capesize tonne days from Brazil to China since the end of May. While this growth indicates potential for the market, its impact on the performance of the Baltic Capesize Index within July remains uncertain. The decline in available ballasters may lead to tighter supply conditions, potentially driving rates higher, but the exact effect on the Baltic Capesize Index will depend on various factors, ...

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Baltic index hits near one-month low on lower capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a near one-month low on Tuesday due to lower demand for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 46 points, or 2.4%, to 1,894, its lowest level since June 12. The capesize index dropped 157 points, or 4.8%, to 3,119, its lowest level since June 25. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and ...

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Baltic index hits two-week low on weaker vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a two-week low on Monday as demand in all vessel segments weakened. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 26 points, or 1.3%, to 1,940, its lowest level since June 25. The capesize index dropped 63 points, or 1.9%, to 3,276, its lowest level since June 26. Average daily earnings for capesize vessels , which typically transport 150,000-ton cargoes, such as iron ore and ...

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Iron ore falls on demand concerns, high stocks

Iron ore futures slid on Monday as weak demand and high inventories in top consumer China weighed on the key steelmaking ingredient. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended day-time trade 3.3% lower at 825.50 yuan ($113.56) a metric ton. The benchmark August iron ore SZZFQ4 on the Singapore Exchange was 1.8% lower at $108.4 a ton as of 0833 GMT. The declines came after a weekly gain, supported by dovish comments from the U.S. Federal Reserve and investors’ hopes of additional measures ...

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Dry Bulk Market: Capesize Market Ends Week in Correcting Mode

Capesize This week began on a positive note, with the BCI 5TC increasing significantly by $2,881 to reach $31,438. Early in the week, the Pacific market saw significant activity, with increased participation from all of the miners and rising rates. However, the latter part of the week experienced a downturn due to increased tonnage availability and reduced coal demand, leading to a significant drop in the C5 index to $10.28 on Friday. The Atlantic market, previously buoyant with strong bids for end July loaders from south Brazil and west Africa ...

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Frozen’ China iron ore stocks support prices despite mounting supply

Iron ore prices in top consumer China have held unexpectedly resilient despite rising portside stocks, with some cargo owners reluctant to sell their holdings at a loss, analysts and traders said. Bears built positions betting on a steep price fall triggered by growing stockpiles and slow summer demand. However, prices of the key steelmaking ingredient have instead jumped above $110 per metric ton, after falling towardthe psychologically significant $100-level in late June. Iron ore’s portside supply hit a more-than two-year high of 148 million tons at end-June. This is equal ...

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Dry Bulk Market: Australian-China Trade Route Recovering

The Capesize market has benefited from the resumption of Australian coal exports to China after a period of tension between the two countries. In a recent weekly report, shipbroker Banchero Costa said that “global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Dec 2023, global seaborne coal loadings increased by +5.8% yo-y to 1,339.5 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. In Jan-May 2024 the positive trend continued, with global coal loadings increasing by ...

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Baltic index set for first weekly fall in six

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, was on way to its worst week in six on Friday as demand across all vessels declined. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 55 points, or 2.7%, to 1,966. The capesize index dropped 147 points, or 4.2%, to 3,339. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $1,219 at $27,692. Iron ore futures retreated ...

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Iron ore falls on profit-taking, set for 2nd weekly gain on China stimulus hopes

Iron ore futures retreated on Friday as falling hot metal output weighed on sentiment, but prices were still headed for a second consecutive weekly gain on lingering hopes for more stimulus from top consumer China. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 2% lower at 845.5 yuan ($116.3) a metric ton, after hitting a more than one-month high on Thursday. The contract posted a rise of 3.2% week-on-week. The benchmark August iron ore on the Singapore Exchange fell 3.3% to $110.2 a ...

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Dry Bulkers in Demand as Rates Move Higher

The recent rise in the dry bulk freight market has reinforced shipowners’ “appetite” for more second hand bulkers. In its latest weekly report, shipbroker Banchero Costa said that “it was an active week in the bulker market: the Capesize IRON PHOENIX 180,000 dwt 2012 Tsuneishi Cebu was rumoured sold in around $35 mln. As a matter of comparison, in February the NEW DELIGHT 2012 built Imabari was sold at $31.9 mln. The modern-eco Kamsarmax BBG QINZHOU 81,000 dwt 2019 Tianjin was sold through online auction at $30.06 mln. Two Japanese ...

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Baltic index hits one-week low on weaker vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a one-week low on Thursday, dragged by weaker demand across all vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 43 points, or 2.1%, to 2,021, its lowest level since June 26. The capesize index dropped 94 points, or 2.6%, to 3,486. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $777 at $28,911. ...

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