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Dry Bulk Market

Eagle Bulk Shipping Inc. To Fund New Ultramax Vessels’ Purchase with Proposed Offering of $100 Million of Convertible Senior Notes Due 2024

Eagle Bulk Shipping Inc. announced yesterday that it intends to offer, subject to market and other conditions, $100 million aggregate principal amount (or up to an aggregate of $115 million aggregate principal amount if the initial purchasers of such offering exercise their option to acquire additional Notes in full) of Convertible Senior Notes due 2024 (the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in offshore transactions outside of the ...

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Baltic Dry Index falls to 2014, down 151 points

Today, Wednesday, July 24 2019, the Baltic Dry Index decreased by 151 points, reaching 2014 points.

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Dry Bulkers in High Demand Amid Market Rally

Ship owners are stockpiling dry bulk carriers, after the latest rally in the freight rate market. In its latest weekly report, shipbroker Banchero Costa said that “despite the summer season activity picked up in the dry bulk sector following the trend of charter rates. In the Capesize segment MSXT Vivienne abt 175k blt 2004 SWS was done at $12.5 mln, while Cape Maria abt 170k blt 2005 Hyundai Samho was sold at $14 Mln. to greek buyers, two weeks ago Lowlands Phoenix abt 177k blt 2004 Namura was done at ...

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Baltic index snaps 10-day gaining streak as capesize rates ease

The Baltic Exchange’s main sea freight index fell on Tuesday, breaking a 10-day winning streak as rates for capesize vessels eased, while the sentiment still remained positive on the outlook for higher iron ore shipments. The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 1.2%, or 26 points, to 2,165 points after hitting a peak since December 2013 in the previous session. The index has more than tripled since February, mainly driven by strong demand for vessels that ship iron ore from Brazil into China. Port ...

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China considers plan to boost purchases of US soybeans

The Chinese government is in discussions with state and privately owned soybean buyers over a plan to raise purchases of US supplies, according to people familiar with the situation. The government met with the companies on Friday in Beijing to discuss the plan, which could include waiving retaliatory tariffs on US imports, said the people, who asked not to be identified as the information is private. The government is seeking feedback from companies and the proposal is subject to change depending on progress in trade talks, the people said. Details ...

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Baltic Dry Index falls to 2165, down 26 points

Today, Tuesday, July 23 2019, the Baltic Dry Index decreased by 26 points, reaching 2165 points.

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Baltic index rises to over five-year high on strong vessel demand

The Baltic Exchange’s main sea freight index climbed to its highest since December 2013 on Monday, pushed by higher demand for vessels ferrying iron ore in the Atlantic. The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose about 1%, or 21 points, to 2,191, a peak since Dec. 20, 2013. The index rose for the 10th straight session, mainly spurred by strong demand for vessels that ship iron ore from Brazil into China. Port stocks of seaborne iron ore across China stood at 118.35 million tonnes, ...

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Scorpio Bulkers Inc. Reports Lower Second Quarter Results

Scorpio Bulkers Inc. reported its results for the three months ended June 30, 2019. The Company also announced that, its Board of Directors declared a quarterly cash dividend of $0.02 per share on the Company’s common shares. Results for the Three and Six Months Ended June 30, 2019 and 2018 For the second quarter of 2019, the Company’s GAAP net income was $35.0 million, or $0.50 per diluted share, including: a non-cash gain of approximately $52.6 million and cash dividend income of $0.5 million, or $0.77 earnings per diluted share, ...

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Surging Dry Bulk Shipping ETF Up 40% In Past Month Doesn’t Mean All Is Well

An ETF strategy that tracks dry bulk freight futures has surged in recent weeks, along with the jump in the widely observed Baltic Dry Index, but some have warned of global growth concerns that could pressure trade. The Breakwave Dry Bulk Shipping ETF (NYSEArca: BDRY) advanced 38.8% over the past month and increased 60.3% over the past three months. The Baltic Dry Index that tracks the cost of shipping commodities around the world is hovering at its highest level since 2014, the Wall Street Journal reports. Analysts, though, pointed out ...

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Baltic Dry Index climbs to 2191, up 21 points

Today, Monday, July 22 2019, the Baltic Dry Index climbed by 21 points, reaching 2191 points.

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Dry Bulk Market: Capesize Market Sizzling Hot

Capesize Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Capesize 5TC opened the week at $26,705 to close Friday at $32,765, an increase of more than 22%. The Brazilian iron ore market was strong early in the week, with most charterers, owners, operators and traders all present at some stage. Vessels traded hands regularly and at levels that lifted at a startling rate. Brazil to China C3 rate levels varied wildly on date-specific terms with ...

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Brazil soybeans lose protein, China sales at risk

The protein content in Brazilian soybeans fell for the first time in four harvests in 2018, according to preliminary government data, a development that has already cost Brazilian companies business with top buyer China. Declining protein levels in Brazil, the world’s top soybean supplier, spell trouble for exporters who are faced with the prospect of cancellations, selling beans at a discount or stricter contracts requiring quality assurances with buyers who want to guarantee a nutrient-rich purchase. The protein content in Brazil’s 2018 soy crop harvested around January of that year ...

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Baltic index at 5-1/2 year high on strong capesize, panamax rates

The Baltic Exchange’s main sea freight index climbed to its highest since December 2013 on Friday, driven by firm demand for capesize and panamax vessels. The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose nearly 2%, or 40 points, to 2,170, a peak since Dec. 24, 2013. The index rose for the ninth session in a row, mainly spurred by strong demand for vessels that ship iron ore from Brazil into China. “Vale has resumed operations at the 30 MMtpa Brucutu iron ore mine, leading to ...

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“2020 Global Sulphur Limit implementation: INTERCARGO raises Safety concerns”

With 1 January 2020 less than five and a half months away, INTERCARGO expresses its growing concern in view of the magnitude of the challenge lying ahead for the industry and the need for a smooth transition. The global availability of safe compliant fuels remains a key question largely unanswered. The requirement for the sulphur content of fuel oil used by ships operating outside designated emission control areas not to exceed 0.50% as of 1 January 2020 marks a sea change in the marine fuels’ supply chain. It is extremely ...

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How to go ‘straight to the freight’ when betting on dry bulk

Dry bulk – iron ore, coal, grains and other mineral and agricultural commodities – is by far the world’s largest cargo segment. With rates rising after an extended slump, what’s the best way for investors to capture the upside in this massive market? One of the most innovative options is the Breakwave Dry Bulk Shipping ETF (NYSE: BDRY), an exchange-traded fund (ETF) launched in March 2018 that owns and tracks bulker freight futures. Not surprisingly given what’s going on with bulker rates, BDRY is now gaining more traction after a ...

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