Capesize rates remained very steady worldwide, but panamax rates were weaker in the Atlantic, brokers said. There were unconfirmed reports that Navix had fixed Belmaj 149,000 dwt delivery Indonesia end-March for a trip via Australia to Japan at $29,000 daily. Cargill booked Bottiglieri tonnage for 54,000 tons heavy grain U.S. Gulf/Japan for end-March at $21.75, having previously failed on subjects with the Bottiglieri re-let Darya Geeth at $22. Brokers said South America was still relatively inactive with few signs yet of firmer rates for panamaxes or handysizes. The Baltic Dry Index (BDI) shed five points to 1,640, the Baltic Panamax Index fell 22 to 1,573, the Baltic Handy Index slipped one to 1,109 but the Baltic Capesize Index rose six points to 2,247.
Asia's Panamax rates for dry bulk cargo are expected to remain firm this week on strong vessel demand for grain and mineral exports and support from a rebound in Capesize, traders said. "Panamax freight rates are holding firm this week," said a shipping trader in Seoul. "The rates are a bit firmer than we expected ahead of the slow summer season." Active grain and oilseed exports from South America were providing support to the Panamax market
The Baltic indices indicated perhaps some changing conditions in the dry cargo market, with the Baltic Capesize Index falling for the first time this month on evidence of weaker conditions in the Far east and South Africa. The panamax index, however, took up the forward running on the basis of firmer rates conceded by charterers in the north Atlantic and the Pacific, they added. The Baltic Freight Index (BFI) rose nine points to 1,406, the Baltic Panamax Index gained 15 points to 1,350
Diana Shipping Inc. has taken delivery of the 180,235 dwt Capesize dry bulk carrier, to be renamed Aliki, built in 2005 by Imabari Shipbuilding Co., Saijo Shipyard. The agreement to purchase this vessel was originally announced on March 6, 2007. As previously announced, the Company has entered into a time charter contract with Cargill International S.A. for the Aliki for a minimum 46 to maximum 49 month period at an average rate of $48,500 per day
Genco Shipping & Trading Limited (NYSE: GNK) announced that it has taken delivery of the Genco Titus, a 177,000 dwt Capesize newbuilding. The Genco Titus is the fourth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Company expects to deliver the Genco Titus to its charterer, Cargill International S.A
SS&Y Pacific Capesize Index Plummets 243 Points Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 243 points to 5,259 in the week ending May 8. "The Pacific Capesize index fell after the holidays in the Far East, with early vessels becoming the victims of a lack of inquiry," SS&Y said. "A $1 fall on the Queensland/Rotterdam route (120/150,000 ton cargo) was certainly not going to help the index, which witnessed its first serious decline since January," SS&Y added.
Little Change Seen In Dry Cargo Market The dry cargo freight market was generally little changed last week, with Capesize conditions remaining basically steady but quiet, brokers said. Panamax activity was brisk from South America, but rates failed to advance as rapidly as owners had hoped for, they added. However, some firmer rates were seen, with Cosco's fixture of a 1990-built 74,000 dwt vessel delivery north Brazil trip China at $11,500 daily plus a $250,000 ballast bonus.
Genco Shipping & Trading Limited (NYSE:GNK) has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding. The Genco Hadrian is the sixth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Company has commenced a time charter upon delivery of the Genco Hadrian with Cargill International S.A
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Commodus, a 170,500 dwt Capesize newbuilding. The Genco Commodus is the seventh vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Genco Commodus is expected to be delivered to its charterer, Morgan Stanley Capital Group Inc
OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services for both drybulk and energy commodities, announced a new charter for the recently acquired 180,000DWT, 2005 built capesize vessel. Upon delivery, the vessel will be renamed M/V Montecristo and will commence employment on a time charter for a minimum period of four years at a gross rate of $23,500 per day and a maximum of eight years at an average gross rate of $24,125 per day for the optional period.
Diana Shipping Inc. signs up to buy the 'M/V Tamou', a 2005 built Capesize dry bulk carrier of 177,243 dwt. The purchase price is US$27,020,202, less one percent address commission to the buyers. The vessel, to be renamed "Baltimore
Bechtel launched a new research initiative to improve the safety of mooring large cargo ships off the coast of West Africa. The combination of heavy ocean swell, squalls and shallow coastlines can create unpredictable conditions which limit the number of dry bulkers that can be moored safely in
Greek shipowners order construction of iron-ore carriers in the belief that the 5-year charter-rate slump is coming to an end. The companies ordered 12 Capesizes last quarter, the most since the beginning of 2008, according to data from Golden Destiny SA, a shipbroker in Piraeus, Greece
During April, 2013 new build prices for capesize, kamsarmax and ultramax vessels rose higher than in the previous month. Purchase prices for ships are often good indicators of financial health in the shipping industry. When shipping demand is expected to grow more than the supply of ships
Capesize difficulties countered by smaller vessel gains. Drewry Maritime Research’s latest Dry Bulk Insight report published in Januray highlights the changing fortunes of the market. December saw a large drop in the Drewry Hire Index
Diana Shipping Inc. (NYSE:DSX), through a separate wholly-owned subsidiary, took delivery of the M/V Myrto, a 82,131 dwt newly built Kamsarmax dry bulk carrier that the company entered into an agreement to purchase in December 2012.
Iron ore and coal shipping rates slid for a fifth day amid speculation storms in Australia are curbing demand for vessels. Australia is the world’s largest exporter of iron ore and coal used to make steel, according to data from Clarkson Plc (CKN), the world’s largest shipbroker
Greece's DryShips Inc. is to offer the public 5-million of the common shares it holds in Ocean Rig UDW. Following the completion of the offering, DryShips is expected to own approximately 61.3% of Ocean Rig’s outstanding shares (Ocean Rig is a provider of offshore deepwater drilling
Genco Shipping & Trading Limited reports its financial results for the three and twelve months ended December 31, 2012. Financial Review: Full Year 2012 The net loss attributable to Genco was $144.9 million or $3.47 basic and diluted loss per share for the year ended December 31, 2012
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v Sideris GS
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers
Greece's Star Bulk Carriers Corp. announce its unaudited financial & operating results for the 3 & the 12 months ended December 31, 2012. Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector
Rates to ship iron ore, coal and grains rose for the longest streak in almost a year on speculation Chinese demand increased. The Baltic Dry Index gained for a 15th straight session, adding 1.4 percent to 912 today, according to the Baltic Exchange, the London-based publisher of shipping costs
A decline in demand for Capesize vessels has been countered by an improvement in demand for Panamax vessels, according to the latest Dry Bulk Insight published by Drewry Maritime Research. This left the Drewry Hire Index unchanged from January’s level.
A dry bulk carrier has been delivered to the buyers & the contract for sale of a product carrier tankship has also been signed. The Great EasternShipping Company Ltd. (G E Shipping) has delivered its 1995 built Panamax dry bulk carrier Jag Arnav (about 71,000 dwt) to undisclosed buyers.