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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 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 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 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 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


Transgrain Charters Diana Panamax Bulker

m.v. Clio

  Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, today announced that on July 8, 2015, through a separate wholly-owned subsidiary, it entered into a time charter contract with Transgrain Shipping B.V


Dry Bulk Shipping Outlook Improving

Image: Diana Shipping Inc

 The dry bulk market looks set for a solid show, although conditions remain more than challenging, analysts with Macquarie said in a note, reports WSJ.   As the amount of iron ore and other goods carried by these ships races ahead of new capacity


Vale Sells Four 'ValeMax' Bulkers to China Merchants

A ValeMax very large ore carrier (file image: Vale)

Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China's state-owned China Merchants Energy Shipping Co in September. The 400,000-deadweight-tonne ships


Asia Dry Bulk-Capesize Rates Could Soften

Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely to take a breather and drift lower after climbing to their highest level in nearly eight months this week following bad weather


Dry Bulk Market Crisis: Opportunity or Threat?

File photo

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is


Vogel Appointed CEO, Eagle Bulk Shipping

Photo Eagle Bulk Shipping Inc.

  The Board of Directors of Eagle Bulk Shipping Inc. today appointed Gary Vogel as Chief Executive Officer of Eagle Bulk, effective September 1, 2015. In addition to his new position, Mr. Vogel will also join the Board of Directors of the Company. Mr. Vogel will succeed Stanley H


Diana Finds Work for Panamax Duo

Dianas Panamax

  Diana Shipping Inc., today informed that through a separate wholly-owned subsidiary, it entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Naias. The gross charter rate is US$6,800 per day minus a 4


Pioneer Marine Names V.Ships as Technical Managers

Pioneer CEO Pankaj Khanna (right) with Capt Sachit Sahoonja - MD V Ships Ship-management India left (Photo: V.Group)

V.Ships, the ship management arm of global maritime services provider V.Group, has recently completed the transfer of the rapidly growing Pioneer fleet of geared dry bulk carriers into its management portfolio.   Pioneer Marine Inc, a fleet owner of some one million deadweight of tonnage


Cosco in Loss, Blames Low Oil Price

Picture: Cosco Corporation (Singapore) Limited

 Cosco Corporation has warned investors of an expected net loss for the second quarter ended 30 June 2015, as against a profit in the previous corresponding period.   The company said the loss is mainly due to the low crude oil prices over recent months which have had an adverse impact


Strong Half Year for Antwerp Port

...

  The port of Antwerp handled 104,529,242 tonnes of freight in the first six months of this year, up 6.4% on the same period last year. The strong performance during the half year was mainly due to the impressive growth in container freight (up 9.5% in TEU and 7


Container Equipment Leasing Rates Hit Record Lows

Development of per diem rental rates and ex-factory prices for newbuild 20ft standard container placed on long-term operating lease (LTL), 2004-16 (Source: Drewry Maritime Research)

Container equipment rental rates came under renewed pressure in 2014 and by mid-2015 new dry freight pricing was at a 10-year low, while lease rates had fallen to an all-time low, according to the latest edition of the Container Leasing report published by global shipping consultancy Drewry


Goldenport Sells Thira

Goldenport Sells Container Vessel Thira

  Goldenport Holdings Inc.  the international shipping company that owns and operates a fleet of dry bulk and container  vessels, announces today the sale of a container vessel, 'Thira'.   The Company has agreed the sale of the 1997 built container vessel to an unaffiliated


Star Bulk Adds Three Vessels

Photo: Star Bulk Carriers Corp

 Star Bulk Carriers Corp. announced that on July 15, 2015 it took delivery of M/V Goliath and M/V Maharaj, two 209,000 dwt Newcastlemax bulk carriers built by Nantong COSCO KHI-Ship Engineering Co.   In addition, on July 22, 2015 Star Bulk took delivery of M/V Star Aquarius, a 61


Asia Dry Bulk-Capesize Rates Steady

Brazil-China capesize rates hit seven-month high; Pacific capesize market dragged by buoyant tonnage supply. Freight rates for capesize bulk carriers are likely to hold steady next week although a rush of cargo in the Atlantic would again provide the trigger for rates to move higher


Commerzbank Sells 18 Ships for $254.5mln

KKR & Co LP's Embarcadero Maritime unit will pay $254.5 million to buy 18 dry bulk and container ships from Commerzbank AG's Hanseatic Ship Asset Management GmbH, the companies said on Thursday.   U.S. private equity firm KKR and London-based independent ship operator Borealis Maritime






 
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