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Dry Bulk Freight

Second Bulk Shipper Files for Bankruptcy

Photo: Winland Ocean Shipping Corp

Dozens of iron ore and coal carriers idled as Baltic dry index falls to all-time low. A second dry cargo shipper has filed for bankruptcy following a collapse in freight rates that has forced many companies to idle vessels used to haul iron ore, coal and grain rather than hire out the ships at a loss. Weaker demand from China and an oversupply of ships has led to the worst industry downturn in 30 years, pushing the Baltic dry index - the industry benchmark for freight rates - to an all-time low. China's Winland Ocean Shipping Corp filed for Chapter 11 bankruptcy protection in the United States on Feb. 12, court documents show, the second banruptcy this month. "Due to current market conditions, the financial position of the company and its subsidiaries has deteriorated, leading to immediate difficulties," the document states, adding that it had therefore filed for Chapter 11 protection. Privately owned Danish firm Copenship filed for bankruptcy earlier in February after losses in the dry bulk market. "The combination of lower steel demand in China and the huge volume of new tonnage coming on line is what is causing panic and making this the worst bulk market since the mid-1980s," said Hsu Chih-chien, chairman of Hong Kong and Singapore-listed dry bulk shipper Courage Marine. China's imports tumbled 19.9 percent from a year earlier as its economy grows at its slowest rate in 24 years.


Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three decades as rates for all the four vessel types continued to flounder.   The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, was down 34 points, or 5.11 percent, at 632 points, the lowest since August 1986


Baltic Index Up Slightly on Higher Rates for Large Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments.   The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was up one point at 598 points.   The capesize index rose five points or 0.94 percent to 537 points.  


Baltic Index Rises as Demand for Large Vessels Increases

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday primarily because of higher rates for the large vessel segments.   The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was up three points at 601 points.   The capesize index rose 12 points or 2.23 percent to 549 points.  


Baltic Index Down on Lower Rates for Panamax, Smaller Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday, pulled down by a fall in rates for panamax and smaller vessels. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell four points to 587 points. The capesize index was up nine points at 574 points. Average daily earnings for capesizes, which typically transport 150


Busiest Capesize Demolition Market Ever

Peter Sand, Chief Shipping Analyst, BIMCO

  The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage, according to international shipping association Baltic and International Maritime Council (BIMCO).   The dry bulk market has long suffered from weak freight rates stemming from falling demand and an oversupply of ships. However, despite worsening freight market conditions, the demolition of dry bulk tonnage has not been adapting fully to this trend as could be expected


Baltic Sea Index Down as Weak Demand Hits Vessel Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday as lack of demand took a toll on rates for most of the vessel segments.   The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell two points to 596 points.   The capesize index remained unchanged at 456 points.  


Baltic Sea Freight Index Steady, Vessel Activity Muted

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat on Thursday due to muted vessel activity.   The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was unchanged at 580 points.   The capesize index rose 11 points to 461 points.   Average daily earnings for capesizes, which typically transport 150


Baltic Index Inches Up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Friday on increased rates for bigger vessels. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was up one point at 600 points. The capesize index inched up a couple of points to 545 points. Average daily earnings for capesizes, which typically transport 150


Baltic Index Down on Weak Vessel Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday on lower vessel rates.   The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell six points to 595 points.   The capesize index was up seven points at 558 points.   Average daily earnings for capesizes, which typically transport 150


Asia-N.Europe Box Rates Plunge 23.6 pct Last Week

File image: a containership docked at a U.S. West Coast Terminal.

Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 23.6 percent to $658 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed. The drop in freight rates on the world's busiest shipping


ICTSI Laguna Dry Port Expansion

LGICT

  International Container Terminal Services, Inc.’s (ICTSI) dry port unit, Laguna Gateway Inland Container Terminal (LGICT), recently broke ground to start the expansion of new facilities which include extended and dedicated storage areas for loaded and empty containers


NewLead Announces Time Charter Contract

2009-built tanker vessel Ioli  (Photo: NewLead Holdings)

NewLead Holdings Ltd. has entered into a time charter contract with for one of its recently delivered bitumen tanker vessels, the Ioli, for a minimum of one year. The vessel has already been delivered to the charterer that has the option to extend the time charter contract for up to four


Asia Dry Bulk-Capesize Rates Mixed on Uncertainty

Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come under pressure next week if charterers hold back cargoes, ship brokers said. "So far, I can't see too much cargo in the market


Heidmar Enters Dry Bulk with TBS Ocean

Image by TBS Group of Companies

 Heidmar and TBS Ocean are joining forces to form a dry bulk pool alliance. New alliance with TBS Ocean plan to combine two players’ operating strengths in geared bulker JV.   TBS will continue as manager of a series of dry bulk pools, while Heidmar will provide its pool expertise


Diana Shipping fixes Post-Panamax

mv  ALCMENE

  Diana Shipping Inc. announced today that through a separate wholly owned subsidiary, it entered into a time charter contract with ADM International Sarl, Rolle, Switzerland, for one of its Post-Panamax dry bulk vessels, the m/v Alcmene


Near Term Outlook Mixed for Shipping

Clarkson Office Locations

  Shipping services company Clarkson PLC warned that the outlook for the industry remains mixed in the short term and dry bulk and offshore in particular present challenges.   "The near term industry outlook remains mixed and the challenges in some of our markets continue


Dry Bulk Shipping to Stay Low

Image by China COSCO Bulk Shipping (Group) Co., Ltd

 Goldman Sachs can't see an end to the dry cargo downturn until at least 2020 on a glut of vessels and stalling cargo growth, says a report in Bloomberg.   Overcapacity and low fuel prices are bound to keep low dry bulk shipping freight rates for the rest of the decade or even longer.


Diana JV with WSM

Aliki Vessel. Photo by Diana Shipping Inc

 Dry bulk shipping company Diana Shipping and Wilhelmsen Ship Management (WSM) have joined forces in a new 50/50 joint venture named Diana Wilhelmsen Management Limited (DWM).   DWM, to be based in Limassol, Cyprus, and will commence operations by the end of June


Dry Bulk Carriers Orders "Dryingā€¯ Up?

Graph: Clarkson Research Services Limited.

 Dry bulk orders have fallen to the lowest level since the 1990s to 0.4m dwt per month showing a massive 98% reduction from the 23m dwt peak in orders in December 2007, and probably the sharpest decline in recent decades.   


Higher Capesize Rates Perks Up Baltic Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday, supported by increased demand for capesize vessels.   The overall index, which factors in average daily earnings of capesize, panamax


DryShips Loss $59.2mln in Q1

Ocean Rig Corcovado and Ocean Rig Olympia naming ceremony at Samsung Heavy Industries. Photo by DryShips Inc

 The Athens, Greece-based DryShips Inc. (DRYS) has reported a loss of $59.2 million in its first quarter. DryShips is an owner of dry bulk carriers and tankers that operate worldwide.   The company said it had a loss of 9 cents on a per-share basis


Asia Dry Bulk-Capesize Rates Steady

Rates for capesize bulk carriers, which climbed to their highest since at least January on Wednesday, are likely to remain steady next week on tighter tonnage supply, ship brokers said. That comes as charterers could hold back cargoes to cool this week's rise in freight rates


Crude Oil Tanker Market Weakened, says OPEC

Graph provided by OPEC

 Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report.   On average, dirty tanker freight rates were down 8% from the month before


Drewry Expects Dry Bulk Shipping Recovery in 2017

Graph: Drewry Dry Bulk Forecaster

 Despite a modest recovery in earnings anticipated over the next two years, the dry bulk shipping market is not expected to return to profitability until 2017, says the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry.  






 
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