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Dry Bulk Market

Argentine farmers to strike over corn export suspension

Argentine farmers will hold a 72-hour strike from Monday to protest a government decision to temporarily suspend corn exports, three of the country’s main rural associations said Tuesday. The South American grains powerhouse last week announced a two-month halt in corn exports from the world’s No. 3 supplier in a bid to control domestic food prices amid a long recession and the COVID-19 pandemic. Agricultural associations CRA, SRA and CONINAGRO said the measure was “detrimental” both to their interests and those of Argentina, and demanded President Alberto Fernandez immediately review ...

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Soybean Exports To China Top $3 Billion, Narrowly Miss 1-Month Record

U.S. soybean exports to China fell just shy of topping the single-month record set in November 2013, according to the latest U.S. Census Bureau data. Soybeans have been at the heart of the U.S.-China trade war, now approaching its third anniversary. Soybeans matter because the United States has sold more than 50% of all its soybean exports to China since 2008, with only one exception. In fact, the year President Trump was elected, China accounted for better than 62% of the $22.88 billion total. China, the world’s largest producer, importer ...

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Dry Bulk Acquisitions in 2020 Reached Similar Levels as 2019

Despite the pandemic, deals for dry bulk carriers managed to reach over 500 during 2020, a level similar to 2019. In its latest weekly report, shipbroker Intermodal, “despite the market shock in the 1H2020 and the suppression of interest in SnP, the 2H2020 compensated for the previous standstill, with the number of dry bulk transactions surpassing those of the 2H2019. Excluding sale and leaseback, slightly over 500 SnP dry bulk deals took place during 2020, approx. the same number as in 2019. The average age of the fleet transacted was ...

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Rising capesize, panamax rates buoy Baltic index

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, climbed on Tuesday to its highest level since mid-October last year as rates for capesize and panamax vessels extended gains. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, added 44 points, or 3.2% to 1,418, a peak since Oct. 16, 2020. The capesize index was up 91 points, or 4.5%, to 2,099, its highest in more than two months. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such ...

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Dalian iron ore jumps 4% as Australia, Brazil shipments decline

China’s iron ore futures advanced for a third straight session to a one-week high on Tuesday, as concerns over tight supply pushed spot prices of the steelmaking raw material further above $160 a tonne. The most-traded iron ore for May delivery on the Dalian Commodity Exchange DCIOcv1 ended daytime trading higher by 4% at 1,039 yuan a tonne, after earlier hitting 1,043.50 yuan, its strongest since Dec. 29. Iron ore’s most-active February contract on the Singapore Exchange rose 1.2% $163.09 a tonne by 0716 GMT. Fresh signs of continuing tightness ...

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Chinese cities reportedly go dark as country faces shortage of coal, a major Australian export

Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal. Analysts said prices of the commodity in the country have shot up due to the reported crunch. The reports also follow rising trade tensions between Beijing and Canberra, leading some analysts to tie the coal shortages and blackouts to the unofficial ban on Australian coal. Relations between the two nations soured last year after Australia supported an international inquiry into China’s handling of the coronavirus pandemic. Coal is just one in a ...

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Colombian coal exports fall to near 12-year low in November

Colombian coal exports fell to a near 12-year low 2.02 million mt in November, down 40.6% from October and 59.1% lower than the year-ago month, according to data from government statistics agency DANE. The 2.02 million mt was the lowest monthly figure since 1.35 million mt in December 2008, according to the data published Jan. 1. The latest month was also down 64.5% from the five-year average for the corresponding month and was the second-lowest total in a month of October in the last 20 years, only higher than 1.08 ...

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Baltic index at over 2-month high on firmer rates

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to its highest in more than two months on Monday as earnings increased across the larger capesize and panamax vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose by 8 points, or 0.6%, to its highest since Oct. 28 at 1,374, on its first day of trading since Dec. 24. The capesize index edged up 2 points, or about 0.1%, to 2,008, a peak since late-October last ...

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Argentina suspends corn exports to ensure domestic food supplies

Argentina will suspend sales of corn for export until Feb. 28, the agriculture ministry said on Wednesday, announcing the surprise move as part of the government’s effort to ensure ample domestic food supplies. The move by the world’s No. 3 corn supplier was a sign of tightening global food supplies during the COVID-19 pandemic. “This decision is based on the need to ensure the supply of grain for the sectors that use it as a raw material for the production of animal protein such as pork, chicken, eggs, milk and ...

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Capesizes Were The Most Scrapped Ship Class During 2020

2020 has been a turbulent year for shipping to say the least and things weren’t that different when it comes to the shipbreaking industry as well. In its latest report, shipbroker Clarkson Platou Hellas noted that “in what has been a completely turbulent year for the Shipping industry, the ship recycling sector was heavily affected by the Covid-19 outbreak as it ground the market to a complete halt. This created a very problematic atmosphere during the first six months as Owners and Buyers found it difficult to complete deliveries, as ...

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Indian Iron Ore Miners Demand Import Duty Withdrawal

Last week, steel industry’s representative body Indian Steel Association (ISA) urged the PMO to impose a temporary ban on exports of iron ore for six months to tide over the present supply crisis which is resulting into price rise of the raw material and causing steel price hike. Reacting to the steel industry’s demand for a ban on iron ore exports, miners have written to the Prime Minister’s Office (PMO), calling for withdrawal of import and other duties meant for shielding the domestic steel industry which, they believe, has indulged ...

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U.S. blocks palm oil imports from Malaysia’s Sime Darby over forced labour allegations

The United States has banned imports of palm oil from Malaysian producer Sime Darby Plantation from Wednesday over allegations of forced labour during production, the U.S. Customs and Border Protection (CBP) said. The ban on Sime Darby, the world’s largest palm oil company by land size and seen as a leader in sustainably produced palm oil, is another blow to an industry that has faced mounting allegations of labour and human rights abuses. Palm oil, used in everything from food to cosmetics to biodiesel, is mainly produced in Malaysia and ...

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U.S. blocks palm oil imports from Malaysia’s Sime Darby over forced labour allegations

The United States has banned imports of palm oil from Malaysian producer Sime Darby Plantation from Wednesday over allegations of forced labour during production, the U.S. Customs and Border Protection (CBP) said. The ban on Sime Darby, the world’s largest palm oil company by land size and seen as a leader in sustainably produced palm oil, is another blow to an industry that has faced mounting allegations of labour and human rights abuses. Palm oil, used in everything from food to cosmetics to biodiesel, is mainly produced in Malaysia and ...

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Argentina’s grain port strike ends after 20 days, exports to resume gradually

Argentina’s port and grain union workers have ended a 20-day strike after an agreement was reached Dec. 29 following government intervention, lifting a major work stoppage that left more than 150 grain ships stranded at the country’s ports. The agreement was reached with oilseed and port worker unions at a meeting hosted by Argentina’s Ministry of Labor, ending a strike that has paralyzed port terminals and the country’s agriculture industry, Cámara de la Industria Aceitera de la República Argentina, or CIARA, said in a Dec. 29 statement. Argentina is one ...

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Bulk Buys: Weather concerns weigh on iron ore, coking coal trade tensions evident in supply

Cold weather in China was among the factors which drove the price of seaborne iron ore fines down slightly this week, having come off a good run the week prior. According to Metal Bulletin, the price of iron ore 62% fines shipped to Qingdao port fell $US2.20 per tonne on Monday to $US163.85 per tonne – or $215.73 in local currency terms. At the same time last week the same measured price as reported by Metal Bulletin was trading at $162.03 per tonne. The decline was attributed to a downtrend ...

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