Dry Bulk Freight
The global dry bulk freight market, crippled by oversupply but seeing signs of renewed activity, is expected to take at least a year to hit the road to recovery, according to the latest Platts survey of shipping market participants. This inaugural Platts Dry Bulk Market Survey was conducted in July and involved more than 100 dry bulk market participants, with respondents including shipowners, ship-operators, charterers, shipbrokers and analysts. Those polled represented all dry bulk segments across the Capesize, Panamax, Supramax and Handysize markets. Some 89% of respondents felt the dry bulk freight market will need a minimum of one year to recover, while 54% of the industry players questioned were not expecting any positive changes for at least three more years. "Despite some signs of life in dry freight rates over the past few weeks, the results of our survey indicated that most market players do not believe in a sustained upturn any time soon," said Peter Norfolk, Platts editorial director for global shipping & freight. "While demand-side developments, particularly in China, remain of key importance to this sector, the overriding concern remains the oversupply of vessels." Among participants occupying various roles, shipowners were more pessimistic than charterers
China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said. The shipping sector is already faces overcapacity, weak freight rates and stretched financials. "Weaker data on exports and manufacturing in China and its economic transition increase uncertainty for container shipping," said Fitch in a report.
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
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
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.
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
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
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.
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.
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
France's CMA CGM, the world's third-largest container shipping firm, said freight rates should recover next year after a market downturn led to a sharp fall in its third-quarter profits. The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk
Rig firm Seadrill sees tough market continuing in 2016. Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.8 billion in writedowns while tanker firm Frontline turned around its fortunes after years of turmoil.
Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions. "We are not considering equity issue. We are working on other options, including sale and leaseback
ESL Shipping Ltd and the steel company SSAB have signed a long-term frame agreement covering SSAB’s inbound raw material sea transports within the Baltic Sea and from the North Sea. The purpose of the agreement is to enable mutual
Glander International Bunkering, a leading marine fuel, lubricant trading and brokering company welcomes Joshua Hawkins as Bunker/Lubricant Trader and Team Leader for the Geneva office. Joshua Hawkins brings five years industry experience to Glander International Bunkering along
Dry bulk shipper Seanergy Maritime Holdings Corp. has taken delivery of two secondhand Capesize dry bulk vessels, renamed M/V Gloriuship and M/V Squireship, to be employed in the spot market. The 171,314 dwt Gloriuship was built in 2004 by Hyundai Heavy Industries, and the 170
Nasdaq-listed Greek dry bulk shipowner Globus Maritime has received notification from Nasdaq indicating it is in breach of Nasdaq Global Market requirements because the closing bid price of the company’s common stock has been under $1 for the last 30 consecutive business days.
TORM’s strong operational platform has delivered the highest product tanker freight rates since 2008 and a positive EBITDA of USD 96m in the third quarter of 2015, says its CEO Jacob Meldgaard. TORM has demonstrated its financial and strategic flexibility with the exit from
Diana Shipping Inc. today reported a net loss of $17.4 million and net loss attributed to common stockholders of $18.8 million for the third quarter of 2015, compared to net income of $7.7 million and net income attributed to common stockholders of $6
“The dry cargo markets have shown no signs of recovery during Q3. A lack of demand growth in combination with deliveries of new tonnage will make this the reality of the market for an extended period. Our Q3 result in dry cargo is as expected and a reflection of these market conditions
Diana Containerships Inc., through a separate wholly-owned subsidiary, it has taken delivery of the m/v Hamburg, a 2009-built Post-Panamax container vessel of approximately 6,500 TEU capacity that the Company entered into an agreement to purchase in July 2015.
The merger deal of China’s two shipping gianst China Ocean Shipping Co., or Cosco, and China Shipping Group that could create the world’s fourth largest container operator is expected to get approval by Chinese government by January, reports WSJ.
Capesize market could worsen in short-term; 3.5 mln tonnes could be cut from Brazil ore exports. Freight rates for capesize bulk carriers could drift lower next week as Brazil's Samarco iron ore mine disaster and uncertain ore demand from China weigh on cargo volumes, brokers said.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe plunged by 27.9 percent to $295 per 20-foot container (TEU) in the week ending on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
A slump in dry bulk shipping is set to worsen as the meltdown in global commodities and too many ships free for hire rock the sector used by investors to gauge the health of world trade. Slower coal and iron ore demand from China - the world's biggest industrial importer - have battered