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China iron ore demand powers Baltic sea freight index to record weekly gain

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry commodities around the world, posted its biggest weekly gain ever, underpinned by a rebound in global commodities trading as iron ore demand from China picked up. The 35-year old index, which reflects rates for capesize, panamax and supramax ships, has now surged nearly 300% since tumbling to a low of 393 points in May following a freeze in global trade due to coronavirus-led lockdowns. “Most of the strength is due to increased Chinese steel mill demand ...

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Brazilian sugar cash premiums rise on logistical constraints at Santos port

The Brazilian cash premiums to ICE July NY11 sugar futures contract have risen by four points since June 15 due to logistical constraints related to export of a potentially high volume of raw sugar from Santos port, market sources said. Despite coronavirus pandemic’s negative impact on the global sugar demand, Brazil is expected to export 10 million mt more sugar during Center-South 2020-21 crop year — which started in April 2020 — compared to the year-ago period. This is expected to exert strong pressure on its logistic capacity. S&P Global ...

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China boosts its record share of world wheat stocks as excess output persists

With or without China, world wheat stocks are set to reach a new high by mid-2021, though record demand should prevent supplies from becoming too burdensome. However, China is going on its eighth consecutive year of producing more wheat than it uses, further expanding already-massive stockpiles and nudging its share of global wheat supplies to a new record. When China’s wheat carryout began rapidly escalating a few years ago, market analysts had to adopt the habit of subtracting China’s wheat supply from global estimates since China is relatively inactive in ...

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Baltic Dry Index climbs to 1555, up 28 points

Today, Friday, June 19 2020, the Baltic Dry Index climbed by 28 points, reaching 1555 points.

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Dry Bulk Market: Rates Skyrocket as Demand Picks Up

The dry bulk market is riding on a high as a result of demand picking up around the world. In its latest weekly report, Allied Shipbroking said that “a remarkable change has been witnessed of late in the dry bulk market, with demand ramping up significantly and boosting freight rates to levels not seen for some time now. However, the question holds to if the current demand trends will hold through during the rest of the year or if this is just a temporary peak. Given the most recent global ...

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Baltic index sees best day ever as capesize vessel rates surge

The Baltic Exchange’s main sea freight index marked its largest single-day percentage rise on Thursday, as capesize vessel segment rates jumped 50% on strong iron ore demand. The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 281 points, or about 22.6%, to 1,527, its highest since Dec. 10. The Baltic capesize index jumped 1,217 points, or 49.6%, to 3,672, its highest since Sept. 25. Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes ...

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Capesize earnings leap USD 4,250 per day – largest daily jump since 2013

On 17 June 2020, the Capesize average earnings jumped a staggering USD 4,250 per day, the largest daily gain since 2013, settling at USD 19,036 per day. Capesize average earnings have rallied in recent weeks, but Wednesday’s observation marks the first time in 2020 that average earnings have risen above the estimated break-even level. For now, volatility appears to be back at full scale with earnings gaining just USD 9,894 per day in a single week. The jump in earnings stands in stark contrast to the USD 4,042 average in ...

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Chinese state companies buy US soybeans as Brazilian stock dissipates: sources

China’s state-owned soybean companies have been purchasing large volumes of US soybeans for the last quarter of 2020 as the Brazilian old crop beans stock declines, making the South American oilseed more expensive than the US crop, sources said. Chinese state-owned soybean buyers purchased numerous US Gulf soybean cargoes on the evening of June 15, sources said. With limited Brazilian supply for the remainder of the year, Chinese crushers have turned their attention on US soybeans for September to January shipments. Brazilian soybean old crop is mostly sold out, which ...

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Iron ore dips as Brazil supply worries ease, but China demand hopes offer support

Dalian and Singapore iron ore futures slipped on Thursday after Brazil’s Vale SA was allowed to resume operations at a coronavirus-shuttered mining complex, but hopes of resilient demand in China capped losses. Iron ore on China’s Dalian Commodity Exchange closed a volatile session 1.0% lower at 765 yuan ($108.10) a tonne. On the Singapore Exchange, the front-month contract dipped 0.3% in afternoon trade. Iron ore miner Vale can now reopen mines in the Itabira complex, where 188 workers had tested positive for the new coronavirus, as the government believes the ...

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Baltic Dry Index climbs to 1527, up 281 points

Today, Thursday, June 18 2020, the Baltic Dry Index climbed by 281 points, reaching 1527 points.

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Baltic index logs record jump as Capesize demand spikes

The Baltic Exchange’s main sea freight index recorded its biggest ever daily percentage jump on Wednesday, propelled by surging capesize rates due to a spike in iron-ore shipments. The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 192 points, or about 18.2%, to 1,246, its highest since Dec. 17. The Baltic capesize index jumped 601 points, or about 32.4% to 2,455, its highest since Dec. 13. Average daily earnings for capesizes, which typically transport cargoes of ...

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Baltic Dry Index climbs to 1246, up 192 points

Today, Wednesday, June 17 2020, the Baltic Dry Index climbed by 192 points, reaching 1246 points.

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Ship Owners More Active in the S&P Market

Ship owners have been more active in doing deals in the S&P market, rather than the newbuilding one. In its latest weekly report, shipbroker Banchero Costa noted that it was an “active week in the dry bulk market: a Japanese Capesize named CAPE AGNES 181,000 dwt built in 2010 by Koyo (SS due in Nov) was sold to a local Japanese Buyers for region $18 mln (we understand may be part of an internal sale since the ship was owned in JV). After the sale of the sister ship recently, ...

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Baltic index rises to over 6-month high on firm vessel rates

The Baltic Exchange’s main sea freight index rose to more than a six-month high on Tuesday, boosted by stronger demand for capesize and panamax vessels. The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 81 points, or about 8.3%, to 1,054, its highest since Dec. 24. The Baltic capesize index jumped 206 points, or about 12.5% to 1,854, its highest since Dec. 24. Iron ore future in China gained on Tuesday, on robust demand from China’s ...

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Baltic Dry Index climbs to 1054, up 81 points

Today, Tuesday, June 16 2020, the Baltic Dry Index climbed by 81 points, reaching 1054 points.

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