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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 Sea Freight Index Down Again

The Baltic Exchange main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday for a 12th straight session on weak rates for capesize vessels. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 37 points, or 3.37 percent, to 1,061. The Baltic's capesize index fell 83 points, or 4.09 percent, to 1,946 points.


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 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


Seanergy Maritime Sells Subsidiary BET

Seanergy Maritime Holdings Corp. has completed the sale of its 100% ownership interest in Bulk Energy Transport (Holdings) Limited (BET). The Buyer, I.M.I. Holdings Corp., is an affiliate of members of the Restis family, the Company’s major shareholders. Following the sale of BET, the Company owns a fleet of 12 dry bulk carriers (two Panamax, two Supramax, and eight Handysize vessels) with a total carrying capacity of approximately 468,500 dwt and an average fleet age of 13


Asian Panamax Rates Up Slightly

Asian Panamax freight rates for dry bulk cargo edged up slightly this week in slow trade due to New Year holidays, Reuters reported. But the outlook for the Panamax sector remained healthy as activity would pick up momentum after the holiday period and the arrival of new ships was unlikely to affect Panamax rates before April, brokers said. The freight rates for the heavy grain Panamax benchmark route, U.S. Gulf to Japan, were quoted higher at $22.493 a ton compared with $22


Dry Bulk Trends

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.


Coal Trade Rescues Dry Bulk Market, US Gains Traction

Dry bulk trade grew by an impressive 7% in 2012 with steam coal proving to be the saviour of the freight market, which otherwise would have seen a complete bloodbath, according to Drewry's latest 'Dry Bulk Forecaster'. Steam coal trade increased by about 18% from 665 million tonnes in 2011 to 784 million tonnes in 2012, supported by high availability and low prices. The report shows that Global GDP grew by 3.2% in 2012, following growth of 5.2% and 4


Stena Bulk Charters Out LNG Carrier

Photo courtesy of Stena Bulk

Stena Bulk has signed an agreement covering the charter of the LNG carrier Stena Blue Sky for the North West Shelf Project in Australia. The duration of the charter is up to three years with a possible further extension as a goal. The contract was signed at current market freight rates


Main Sea Freight Index at Baltic Exchange Raises

Pic:  Baltic Exchange Ltd

 The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities rose further on Friday mostly on higher capesize rates. The index tracks rates for ships carrying dry bulk commodities.   The overall index, which factors in average daily earnings of capesize


Star Bulk Adds Jennifer

Pic: Star Bulk Carriers Corp

 Star Bulk Carriers Corp has added M/V Star Jennifer (ex "Ore Hansa), a 82,290 dwt Kamsarmax bulk carrier, built in 2006, to its fleet.   The Company completed the acquisition of 34 vessels from Excel Maritime Carriers Ltd under an "en bloc" transaction announced on


Baltic Index Perks 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 Thursday as rates for bigger vessels rose.   The overall index, which factors in average daily earnings of capesize, panamax


The Boom Continues at Antwerp Port

Port of  Antwerp

  The port of Antwerp handled a freight volume of 51,023,670 tonnes in the first three months of this year, 5.9% more than in the same period last year. The container volume experienced rapid expansion of 8.5%, while liquid bulk for its part continued to show solid growth (up 4.7%).


Baltic Index up on Higher Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities inched up on increased rates for bigger vessel segments.   The index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels


China Cosco Sends 14 More Vessels to Scrap Yard

Image: Cosco

 China Cosco Holdings has scrapped 14 vessels between February 1 and March 31 this year, continuing progress with its ambitious fleet renewal plan.   The 14 ships comprised of one container vessel and 13 dry bulk carriers, which have a combined capacity of 924,700 dwt.  


Officials Call for Freight Infrastructure Investment

Rep. Lowenthal to Head ‘Call to Action’ on Critical Need for Long-term Freight Infrastructure Funding; Congress Members and Goods Movement Stakeholders to Address National Need   Congressman Alan Lowenthal (CA-47) will be joined by Rep


Baltic Index Inches up on Higher Vessel Activity

  The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities edged higher on increased activity for bigger vessel segments.   The index, which factors in average daily earnings of capesize, panamax


Box Ship Freight Rates Fall on Declining Chinese Exports

Container freight index

  Since February, freight rates on the three key container shipping lanes has left the erratic up and down movements behind only to slide week after week. On Friday April 10, 2015 the freight rate including ocean freight and surcharges, i.e


Baltic Sea Freight Index Down on Muted Shipping Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged lower on Monday on muted shipping activity.   The index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels


Baltic Sea Freight Index Flat for Second Straight Session

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat for the second straight session on Friday on muted vessel activity.   The index, which factors in average daily earnings of capesize, panamax


Baltic Sea Freight Index Falls on Muted Vessel Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday due to muted vessel activity.   The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels


Lower Vessel Rates Pull Down Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on lower vessel rates. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped five points


Baltic Freight Index Falls

  The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday as weak demand took its toll on vessel rates. The index, which factors in the average daily earnings of capesize, panamax






 
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