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Dry Bulk Market

Iron Ore Demand Concentration Doesn’t Bode Well for the Dry Bulk Market

China’s recent move to exert more control over the iron ore market pricing, could result in more control over the seaborne market as well. In its latest weekly report, shipbroker Allied Shipbroking said that “the difficulties on the Capesize front look to still be on the forefront, despite some improvement noted early last week as well as in the week prior. We have already seen some retreat in the vital support brought about by the improved coal trade this year, although this is likely to prove only temporary given the ...

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Baltic index extends slide on slowing demand from China

The Baltic Exchange’s main sea freight index extended losses on Monday to hit its lowest since February, weighed down by slowing demand for iron ore and coal shipments from China. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, shed 23 points, or 1.2% to 1,872 points. The index touched its lowest level since Feb. 9. The capesize index lost 19 points, or 0.9%, at 2,062 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were ...

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Iron ore edges up on China infrastructure, property support hopes

Iron ore prices edged higher on Monday, extending last week’s solid gains and spurred by hopes of increased infrastructure spending and prospects of property sector bailouts in China. Uninspiring factory activity data capped gains, however. The most-traded iron ore contract on China’s Dalian Commodity Exchange, for September delivery, ended daytime trade 0.8% higher at 787 yuan ($116.55) a tonne, after touching its strongest level since June 30 at 817.50 yuan. On the Singapore Exchange, the steelmaking ingredient’s September contract was up 1.2% at $116.40 a tonne at 0718 GMT, off ...

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Baltic Dry Index falls to 1872 down 23 points

Today, Monday, August 01 2022 , the Baltic Dry Index decreased by 23 points, reaching 1872 points.

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Brazil dispute disrupts corn export payments, industry group says

A protest by Brazilian federal revenue service auditors is delaying clearance of documents needed to receive payments for corn exports, according to a local trade group representing global grain traders. The issue has been affecting exporters since the beginning of the year, including at the height of Brazil’s soybean exporting season in January, said Sergio Mendes, director general of Anec, in an interview. There is no end in sight and the problem is only getting worse, said Mendes, whose trade body represents the likes of Cargill, ADM, LDC and Cofco. ...

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Europe’s new trade flows for coal shaping up as import ban on Russia looms

With the flow of Russian coal to Europe coming to a final end, buyers jostling for alternatives are increasingly in favor of tapping non-traditional markets, a development many believe, for better, will likely lead to the creation of new trade flows for the fuel. While obvious substitutes like South Africa, Australia and Indonesia are a fallback plan for many European coal buyers, new origins like Tanzania, Kazakhstan and Nigeria are being positively considered as a further backup measure, sources told S&P Global Commodity Insights. Even though coals from some of ...

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Dry Bulk Market: Capesize Lose Ground During the Week

Capesize The Capesize market lost ground throughout the week with the average of the five time charter routes trending down from $21,526 on Monday to $17,255 on Friday. The west Australia to Qingdao route lost $1 over the week, with fixtures at $9.75 at the close, whilst the Brazil to Qingdao trade fell below $26 by Friday. Limited activity surfaced from the North Atlantic region as both fronthaul and Transatlantic cargoes appeared lacking. A Saldanha Bay to Rotterdam cargo was fixed below $8 and an Australia to Ijmuiden cargo was ...

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China in risky bet to test its power in iron ore markets

Iron ore prices are swinging between optimism and pessimism over the economic outlook in top importer China, but beyond the short-term oscillations a longer-term battle is looming. China is pressing ahead with a plan to centralize iron ore purchasing, with media reports saying state-owned steel mills are forging a new enterprise to boost their bargaining power. This isn’t the first time that China, which buys about 70% of seaborne iron ore volumes, has tried to gain greater control over the market, which moved from a long-term contract basis to being ...

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Seaborne Iron Ore Trade Steady, While Ton-Mile Demand Increases

The global seaborne iron ore trade has remained quite steady over the past year and a half, but changes in ton-mile demand are making a difference, with Japan a prime example of that. In its latest weekly report, shipbroker Banchero Costa said that “global iron ore loadings in the full 12 months of 2021 were up +0.7% y-o-y to 1,555.3 mln t, according to vessels tracking data from Refinitiv. This was marginally higher than the 1,526.0 mln tonnes in the 12 months of 2019, a year which was affected by ...

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Baltic index logs worst month in seven on weaker vessel rates

The Baltic Exchange’s main sea freight index logged its worst month since January on Friday as rates across its component vessel segments saw double-digit monthly declines. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 50 points, or 2.6%, to 1,895 points, its lowest in over five months. The main index dropped for the third straight month, down 15.4% for July. The capesize index lost 109 points, or nearly 5%, to a fresh three-week low of 2,081 points. It had its worst month since ...

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Pacific Basin Says Handysize and Supramax TCE earnings increased 83% and 85% respectively During 2022 Interim Results

Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, today announced the results of the Company and its subsidiaries (collectively the “Group”) for the six months ended 30 June 2022. Mr. Martin Fruergaard, CEO of Pacific Basin, said: “In the first half of 2022, we generated our best interim results ever, producing an underlying profit of US$457.5 million, a net profit of US$465.1 million and an EBITDA of US$566.9 million. This yielded an exceptionally strong return on equity of 48%, with basic EPS of HK74.5 cents. ...

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Iron ore retreats as China’s zero-COVID policy clouds demand

Iron ore futures retreated on Friday as China indicated controlling COVID-19 outbreaks was still a priority, although the steelmaking ingredient stayed on track for its steepest weekly rise since March. Iron ore’s most-traded September contract on the Singapore Exchange was down 3.7% at $114.30 a tonne, as of 0727 GMT, after touching its highest since June 30 at $119.90 in the previous session. On China’s Dalian Commodity Exchange, September iron ore ended daytime trade 1.8% higher at 782 yuan ($116.11) a tonne, off Thursday’s four-week peak of 798.50 yuan. China ...

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Brazil clear to export soymeal to China, government confirms

The Brazilian government confirmed that China has opened its market to soybean meal produced in the South American country, adding shipments would begin when certain bureaucratic hurdles are removed. The confirmation came after Brazilian newspaper O Estado De S.Paulo said the authorization to sell Brazilian soymeal to China “was made official this month,” citing comments from the secretary of commerce and international relations at the Brazilian agriculture ministry. In response to a query from Reuters, the agriculture ministry confirmed the move, though it added that some operational procedures were still ...

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Baltic Dry Index falls to 1895 down 50 points

Today, Friday, July 29 2022 , the Baltic Dry Index decreased by 50 points, reaching 1898 points.

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Dry Bulk Market: Coal Trade a Boon for Bulkers

Coal imports of up to 40 million tons, coming into the EU from Russia, need to be replaced from other sources. This could present a significant opportunity for the dry bulk market. In its latest weekly report, shipbroker Intermodal said tha “amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal imports as a direct reaction to the threat of a reduction in gas supply from Russia. The ban comes at a time when ...

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