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Red Sea Shipping Attacks Pressure China's Exporters
For Chinese businessman Han Changming, disruptions to Red Sea freight are threatening the survival of his trading company in the eastern province of Fujian.Han, who exports Chinese-made cars to Africa and imports off-road vehicles from Europe, told Reuters the cost of shipping a container to Europe had surged to roughly $7,000 from $3,000 in December, when Yemen's Iran-aligned Houthi movement escalated attacks on shipping."The disruptions have wiped out our already thin profits…
Iron Ore Shipments Drop 13.1% to Start 2023
2023 has so far been a disappointment for the dry bulk shipping sector, despite hopes that a quick economic recovery in China would boost iron ore demand,. During the first three weeks of the year, iron ore shipments fell 13.1% year on year, the lowest volume since at least 2019, worsening conditions for capesizes. In this period, the Baltic Dry Index (BDI) declined by almost 500 points to 763 on 20 January…
RIX Industries Forms Sales Partnership with Blue Deep International
RIX Industries, a developer of gas generation systems and energy technologies, announced Blue Deep International (BDI) as a new sales partner for the commercial marine and international naval defense markets. U.K.-based BDI is a representative agency servicing countries and regions across the globe including Western Europe, North America, and Australia.Effective May 1, 2022, BDI represents RIX exclusively in the United Kingdom…
Baltic Dry Index Rises as Smaller Vessels Lend Support
The Baltic Exchange's dry bulk sea freight index rose on Thursday, buoyed by gains for panamax and supramax vessels that countered a dip in rates for the larger capesize segment.The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 24 points, or 1%, to 2,678 points.The capesize index shed 46 points, or 1.2%, to 3,776.Average daily earnings for capesizes, which transport 150…
Ship Blocking Suez Canal Could Be Stuck for Weeks
A containership blocking the Suez Canal like a "beached whale" may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global trade.The 400-meter Ever Given, almost as long as the Empire State Building is high, is blocking transit in both directions through one of the world's busiest shipping channels for oil and grain and…
Four New Dual-fuel Bulkers to Support U-Ming Charter Deal
U-Ming Marine Transport Corporation, Taiwan’s largest publicly listed bulk carrier company, secured a 10-year liquefied natural gas (LNG) dual-fuel dry bulk charter contract with global mining company Anglo American.A fleet of four LNG dual-fuel Tier III 190,000 DWT bulk carriers measuring 299 by 47.5 meters each will be built by Shanghai Waigaoqiao Shipbuilding (SWS) to support the charter. The new…
Three of Five Converted VLOCs Are No Longer Operating -BIMCO
Converted very large ore carriers (VLOC) are increasingly becoming a thing of the past with the long-term freight contracts coming to an end as newer and more reliable ships replace them in the market. Since June 2017, 43% of the VLOC fleet have been sent to the scrapyards, while 18% of the fleet is idled or damaged.“The tragic Stellar Daisy accident brought the safety aspect of VLOCs into question.
Capesize Index Turns Negative for the First Time Ever
Capesize index plummets to -133, the first time ever in negative territory – is it all up from here?The Baltic Exchange Capesize Index (BCI) dropped to -133 index points on February 4, 2020, turning negative for the first time ever on January 31, 2020. The composite BDI index (BDI), which has excluded the more stable handysize segment since March 2018, also dropped on February 4, 2020 to settle at 453 index points.The BCI has been on a freefall through the entirety of December…
Concern Over Trade Wars Impacts Shipping Confidence
Confidence in the shipping industry has fallen marginally over the past three months, largely as a result of ongoing concern over trade wars and increased regulation, according to the latest Shipping Confidence Survey from leading shipping adviser and accountant BDO.The average confidence level in the three months to May 2019 was 6.1 out of a possible maximum of 10.0. This is slightly down on the figure of 6.2 recorded in February 2019.Confidence was up in Asia…
Shipping Industry Confidence Holds Firm: Moore Stephens
Shipping confidence held steady in the three months to end-May 2018 according to the latest Confidence Survey from international accountant and shipping adviser Moore Stephens.
Baltic Exchange Main Index to Drop Handysize T/C Average
The Baltic Exchange says from March 1, 2018, the Baltic Dry Index, its main sea freight index, which typically factors in rates for capesize, panamax, supramax and handysize shipping vessels…
DVB Bank Losses on Shipping
DVB, the specialist in international shipping finance, reported a consolidated net loss before taxes of EUR 506.3 million in the first six months of 2017 (previous…
Shipping Confidence Climbs to Three-year High
Shipping confidence reached its equal highest rating in the past three years, according to the latest Shipping Confidence Survey for the three months to end-May 2017 from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents to the survey was up to 6.1 out of 10 from the 5.6 recorded in the previous survey in February 2017. Increased confidence was recorded by all main categories of respondent to the survey…
Crude Oil Tanker Demolition Bucking the Trend -BIMCO
Four very large crude carriers (VLCC) have been sold for demolition since October 2016, matching the number of VLCCs sold for demolition in the preceding two years, according to BIMCO. Most recently the 1999-built double-hull VLCC with the framing name Good News returned $15.5 million to the ship owner, as demolition prices have reached levels not seen since first half of 2015 ($400 per ltd). “January struck an upbeat tone for demolition in all sectors…
Demolition Activity Weakens as BDI Moves Higher
After the Baltic Dry Index (BDI) had its seasonal weakness around the Chinese New Year in early February, stronger-than-expected demand came from across the board and lifted freight rates…
Is Dry Bulk Still on Track for Profitability in 2019?
The dry bulk industry remains well on target for profitable freight rates in 2019, according to BIMCO. This relies however, on the projected fleet supply growth rate of 0 percent in 2017 continuing. The handymax segment may even see profits in 2018 as demand may go beyond 2 percent in 2017 before reverting to 2 percent in 2018 onward. In 2016, the supply side grew by 3 percent and the demand side grew by 2.4 percent measured on a metric-ton-mile basis.
BIMCO: What Shipping Market can Expect for 2017
The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009.
Asian Bulk Fleet Gains Value in 2016
In what has been a very difficult year for dry bulk, the values of regional fleets have changed quite a bit over 2016. Despite the down market, the Asian fleet is 7 percent more valuable at the end of the year. Since the Baltic Dry Index (BDI) low of 290 points in February this year, the index has recovered to above 1200 points. Asian owners have spent $1.6 billion on secondhand vessels, 27.5 percent of global spending throughout the year.
Dry Bulk’s Biggest Spenders
In the last month, we have seen the Baltic Dry Index (BDI) recover to the same level it was 12 months ago (see circles in fig.1). Vessel values have started to firm, but not at the same rate and are still at historically low levels. In the last 12 months, contrarian owners have taken advantage of the low values and have been buying cheap tonnage. With hindsight, this looks to have paid off with many values having increased above the purchase price.
No Reprieve for Multipurpose Shipping Until 2018: Drewry
The last three months have been some of the worst the multipurpose and project carrier sector has endured in living memory. The breakbulk and project cargo sector remain weak…