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Dry Bulk Market

Beijing says China stepping up U.S. soy imports, yet to show up in U.S. Data

Chinese state media said on Sunday the United States has shipped several million tonnes of soybeans to China since the two countries’ leaders met in June, although U.S. government data shows that the volume was much less. The U.S.-China trade war has curbed the export of U.S. crops to China, with soybean sales falling sharply after Beijing slapped tariffs of 25% on American cargoes. U.S. Department of Agriculture (USDA) data shows that just 1.02 million tonnes of soybeans were shipped to China for the period starting from the G20 meeting ...

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Baltic Dry Index falls to 1922, down 15 points

Today, Monday, July 29 2019, the Baltic Dry Index decreased by 15 points, reaching 1922 points.

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China’s Australian coking coal imports double in June from May

China’s imports of Australian coking coal, a key raw material for steel-making, doubled in June from a month earlier despite persistent restrictions at Chinese ports, official data showed. Arrivals of Australian coking coal were at 2.82 million tonnes last month, more than double the 1.38 million tonnes in May, according to data released by the General Administration of Customs late Saturday. However, that remains well below the 3.16 million tonnes reported in June 2018, mostly due to extended delays at Chinese customs caused by inspections. For the first half of ...

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Japan’s Marubeni stops some new soybean sales to China amid trade dispute

Marubeni Corp. said that its U.S.-based unit, Columbia Grain Trading Inc, has stopped all new soybean sales to China because falling sales volumes to the country due to the trade war with the United States have cut earnings. The move highlights the growing impact of the trade dispute between the United States and China even after Beijing agreed to a potential removal of tariffs on some soybean imports. Columbia Grain Trading stopped new sales from July 24, a spokesman at Marubeni, one of Japan’s biggest trading houses, told Reuters. The ...

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Dry Bulk Market: Capesizes Down on the Week

Capesize The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The 5TC opened the week at $32,765 and closed on Friday at $27,145. It became apparent on Monday that the market was sliding. Tuesday brought about a modest decline on all routes before the storm clouds gathered. Wednesday it dropped throughout the day, with most activity centred on C3 and C5 routes. Thursday erosion continued on all routes, but by the end of the trading day a ...

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China approves wheat, soy imports from Russia

China has approved wheat imports from the Russian region of Kurgan, the Chinese customs office said on Friday, bringing Russia a step closer to its goal of dramatically increasing grain exports. It also approved soybean imports from all parts of Russia, the General Administration of Customs said in a separate statement on its website, having all but halted U.S. soy imports as the trade dispute between Beijing and Washington deepened. China was the top buyer of U.S. soybeans until Beijing slapped a 25% tariff on shipments last year in response ...

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Dry Bulk Market: Gloom Makes Way for Optimism After 300% Capesize Rally

A boom in the dry bulk market over the course of the past quarter has helped turn the tables around in terms of sentiment. As such, the gloom which had prevailed up to that point, gave way to a renewed optimism, regarding the market’s long-term prospects. In its latest weekly report, shipbroker Allied said that “it’s been an astonishing climb in the dry bulk market these past few weeks. With the help of a fast-paced increase in freight rates in the Capesize and Panamax markets, the BDI has reached a ...

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Baltic index sees worst week in 6 months as ship availability improves

The Baltic Exchange’s main sea freight index fell for a fourth straight session on Friday, driving it to its worst weekly loss in six months on abundant availability of ships in the Atlantic region. The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 0.5%, or 10 points, to 1,937 points. The index fell 10.7%, worst weekly performance since week-ending Feb. 1. The index has still more than tripled since February, mainly driven by strong demand for vessels that ship iron ore from Brazil into China. The ...

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Baltic Dry Index falls to 1937, down 10 points

Today, Friday, July 26 2019, the Baltic Dry Index decreased by 10 points, reaching 1937 points.

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Greek Ship Owners On the Market for Young Bulkers

With the dry bulk market heating up, Greek ship owners are actively looking to acquire modern dry bulk tonnage. In its latest weekly report, shipbroker Intermodal said that “tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising performance of Capes which, coming from a historical low, managed to reach a five and a half year high within a 3 month period, with the rest of the sizes following the same path, thus creating a ...

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Baltic Index Drops As Ship Availability Weighs On Capesize Rates

The Baltic Exchange’s main sea freight index fell for a third straight session on Thursday as a combination of more ships and easing shipments of iron ore in the Atlantic dragged capesize vessel rates. The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 3.3%, or 67 points, to 1,947 points. The index has still more than tripled since February, mainly driven by strong demand for vessels that ship iron ore from Brazil into China. The capesize index fell 199 points, or 5.2%, to 3,609 points. Average ...

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China’s soybean crushers in no rush to buy from U.S. despite Beijing tariff offer: sources

Despite the carrot of a potential exemption from import tariffs, Chinese soybean crushers are unlikely to buy in bulk from the United States any time soon as they grapple with poor margins and longer-term doubts about Sino-U.S. trade relations, people familiar with the matter said. China imposed a 25% tariff on U.S. soy imports last year as Washington-Beijing trade disagreements boiled over into tit-for-tat levies on each other’s goods. That blow was felt on both sides of the Pacific: China was the top buyer of U.S. soybeans. A warming of ...

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Baltic Dry Index falls to 1947, down 67 points

Today, Thursday, July 25 2019, the Baltic Dry Index decreased by 67 points, reaching 1947 points.

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Ocean freight rate shoots up

A stupendous run in the Baltic Dry Index, the barometer of ocean freight rate for bulk cargo, may bring good tidings for shipping lines that have managed to stay afloat over the last decade despite tempestuous market conditions. From the low of 595 on February 11, 2019 BDI has risen to 2,191 on Monday, gaining 2.68 times in just over five months. However, a majority of the gain – it has nearly doubled from June 12 – has come in the last one month alone. Market watchers say a sooner ...

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China Approves Tariff-Free U.S. Soybean Purchases as Goodwill

The Chinese government has given the go-ahead for five companies to buy up to 3 million tons of U.S. soybeans free of retaliatory import tariffs as trade negotiations between the two nations continue, according to people familiar with the situation. The retaliatory tariff-free quota for 2 million to 3 million tons will be part of a goodwill gesture toward the U.S., and there could be a second round of exemptions depending on how the trade talks progress, two of the people said, declining to be identified as the information is ...

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