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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.


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


Largest Mobile Harbor Crane on U.S. East Coast

Photo courtesy Liebherr-Werk Nenzing GmbH

In August Liebherr, supplier of port equipment, delivered a Mobile Harbour Crane, type LHM 500S to Rukert Terminals. The Rukert Terminals is located at the Port of Baltimore and specializes in the handling of metals, ores, salt, alloys, and other dry bulk and break-bulk cargoes and containers. The growth in the region over the past decades in terms of global trade, and the associated demand of freight and handling capacity has increased the importance of efficient infrastructure


Euroseas Charter Agreement for M/V Aristides N P

Euroseas Ltd., (NASDAQ:ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced that a subsidiary of the company has entered into time charter agreement for the following vessel: M/V Aristides N P, a 69,268 dwt, 1993 built Panamax bulk carrier, has been chartered until May 2012 at a gross daily rate of $14,950. The charter will commence upon completion of its present charter within the


Dry Bulk Charter for Diana Shipping

Diana Shipping Inc. announces a time charter contract with Cargill for its dry bulk carrier 'M/V Protefs' Diana Shipping Inc.a shipping company specializing in the ownership and operation of dry bulk vessels, announcee that it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v "Protefs, at a gross charter rate of US$9,000 per day


Stronger Panamaxes Boost Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments.   The overall index, which factors in average daily earnings of capesize, panamax


MacGregor Wins Chinese Shipyard Order

MacGregors fully automated self-discharging model is quick, safe, efficient, clean and labour saving

  MacGregor, part of Cargotec, has received an order from Wuhu Xinlian Shipyard in China for eight MacGregor dry bulk cement handling systems.   The fully automated pneumatic systems will be installed on two 78m 12,000 bhp 150T BP anchor handling, tug


Pronomar, ELA Cooperation Continues

150304 Pronomar DRY - ELA - EWEA Exhibition.jpg

Drying container exhibited again on EWEA in Copenhagen   In October 2014 Pronomar shared news about its cooperation with German based company ELA Container Offshore GmbH and developing the concept of drying containers.    Following a collaboration at Offshore Energy in Amsterdam


Newlead Bags Panamax COA

Michael Zolotas, Chairman and Chief Executive Officer of NewLead says -Our strategy for 2015 is to continue to grow our fleet while taking advantage of market opportunities

  NewLead Holdings Ltd. announced today that it has entered into a Contract of Affreightment for one of its dry bulk vessels, the Panamax Newlead Markela, for the transportation, anticipated to be completed within a twelve month period, of approximately 704


Shipping Industry Faces Shake Up

Photo: Aurelie Moulin

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry.   Private equity invested tens of billions in global shipping after the 2008 financial


Two Newbuilds Delivered to Star Bulk

Star Bulk Carriers Corp. took delivery on February 27 of M/V Honey Badger (ex HN NE 164) and M/V Wolverine (ex HN NE 165), two 61,000 dwt Ultramax bulk carriers built by Nantong COSCO KHI-Ship Engineering Co. (NACKS). The new vessels are the first two of four similar vessels ordered at NACKS


Golden Ocean, Knightsbridge Set for Merger

Pic by Knightsbridge Shipping Limited

 Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping have chosen March 26 to hold a special general meeting and finalize the merger talks.  


Jinhui Shipping Plummets to Loss

Image: Jinhui Shipping

 Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment continued to be weak despite global economic confidence has been improving in the fourth quarter of 2014.  


“Jag Arjun” Delivered to Buyers

G E Shipping

  The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1996-built Capesize Dry Bulk Carrier “Jag Arjun” (164,796 dwt) to the buyers on 26th February, 2015. The company had contracted to sell the ship earlier this month.


Panama Canal Authority Holds Hearing on New Toll Structure

       Photo courtesy of the Panama Canal Authority

  The Panama Canal Authority (ACP) is holding a public hearing today on a proposed toll structure change. The proposed restructuring, which the ACP Board of Directors approved on December 24, calls for each ship segment to be priced based upon different units of measurement


Asia-Europe Container Freight Rates Fell 6.5 pct

image: file photo

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.5 percent to $938 per 20-foot container (TEU) in the week ended Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.


Investment Now Means Continued Prosperity in the Future

(Photo: United States Department of Transportation)

Our transportation network consists of different modes like roads, railroads, ship channels and ports. But when it comes to transporting food, building materials, bulk commodities, items used in manufacturing and finished products, each of those modes must be firing on all cylinders and in sync


Maybulk to Build Five More Ships

Pic: Malaysian Bulk Carriers Bhd

 Unfazed by the tough market conditions that the shipping industry is faced with, Malaysian Bulk Carriers Bhd (Maybulk) said it will move forward with fleet renewal activities.    Maybulk is building five new ships to expand its fleet size to 27 vessels by 2018


Korean Shipper Files for Bankruptcy

 Korea’s dry bulk shipping company Daebo International Shipping has reportedly filed an application for rehabilitation proceedings with a court in South Korea.   Daebo is the third dry bulk shipping company to file for bankruptcy protection this month following China’s


Shipping Eyes Brazilian Ore Exports

Image: Vale S.A.

 Following the plunge in dry bulk freight market, shipping companies are banking on increased iron ore exports from Brazil to China and India to shore up freight rates, reports the Hindu Businessline.   Hauling ore from Brazil to China will cost almost double than that from Australia






 
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