Dry Bulk Freight
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. The index is also seen by investors as an indicator of global industrial activity. Brokers said the dry bulk market was expected remain in the doldrums due to weak commodity demand at present especially from top global importer China. "Dry bulk remains under pressure across all segments on the back of very thin spot demand," Omar Nokta of Clarkson Capital Markets, said. Weak demand for commodities, such as iron ore, has put pressure on smaller, higher-cost producers and this has taken its toll on the dry freight market. "We believe that despite softer prices/margins, low cost Australian producers will continue to meet targeted production with negative implications for dry bulk tonne-mile demand," Wells Fargo Securities analyst Michael Webber said, referring to producers such as Rio Tinto and BHP Billiton. Tonne miles are a key indicator of shipping demand, measuring the volume of the transported cargo multiplied by the distance of the voyage.
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 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 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
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.
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
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 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
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
Dry bulk rates may have eased back significantly in recent weeks but there is still plenty of positive sentiment on the future market. Many shipbrokers are describing today’s rather softer market as a correction to what had become a seriously overheated sector, with the cost of freight becoming itself a damaging factor in the world’s dry bulk trades. The pause in the market has led to a slackening in the pace of new contracting that, brokers say, may be no bad thing
The port of Antwerp handled 199,012,082 tonnes of freight in 2014, a rise of 4.3% compared with the previous year. The new record that was already announced at the end of December is put into sharper focus by these figures. The record growth has been driven by the volume of containers (up 5
Indonesian state-run port operator Pelindo I plans to modernize and expand five of its ports this year. It has invested $2.7bn to develop ports in support of President Joko Widodo's maritime highway construction program. The five ports scheduled for this year included Malahayati port
Belgian dry bulk shipping group CMB on Thursday said markets would remain volatile after a disappointing 2014 in which falling commodity prices reduced stock building by clients. The group added that freight rates would come to a sustainable level once overcapacity in the shipping market
Russia's sea ports (including the ports of Crimea) handled 623.4 million metric tons of cargo in 2014, up 5.7% from 2013, according to the data from the National Association of Commercial Sea Ports. The total throughput of liquid cargo fell by 0
The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1990-built Very Large Gas Carrier “Jag Vidhi” (49,701 dwt) to the buyers on 21st January, 2015. The company had contracted to sell the ship in July 2014.
In December 2014, orders of Japan yard fell 37% year on year, says Japan Ship Exporters’ Association (JSEA). Japanese shipyards specialize in building dry bulk carriers. JSEA member yards secured 24 export orders totaling 1,215
After two consecutive years of negative volume growth, Europe’s busiest box port Rotterdam was back on the growth trail in 2014, as container throughput grew 5.8% to 12.3m teu. The different market sectors performed quite dissimilar. The break-bulk, with 12
China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd
Hinode Maritime Conferences have announced their "2nd Annual Conference on the Outlook for India's Seaborne Dry Bulk Trade". Considered the largest conference in India on Dry Bulk Trade to be held on January 22, 2015 at Hotel Vivanta by Taj-President Mumbai
Dry bulk shipowner Pacific Basin Shipping announced a total of US$132 million (HK$1 billion) impairment charges on chartered-in vessel contracts and bunker fuel swaps. The Hong Kong-listed company informed the stock exchange that it took US$101 million provisions mainly
India’s largest container port, the Jawaharlal Nehru Port (JNPT), said it aims to grow as one of the top 10 global container ports in the next five years. After announcing his 'Make in India' vision plan, the Prime Minister Narendra Modi's first port of call was JNPT
The benefits of offshore ports in the U.S. & Africa In many parts of the world, offshore ports are a good solution for meeting the requirements of the rapid changes in the international container and bulk shipping industry. Bigger ships
The International Association of Dry Cargo Shipowners (Intercargo) issued a statement which again reminds stakeholders of the continued dangers associated with the carriage of bulk cargoes that may have a potential for liquefaction.
Diana Shipping Inc. announces delivery of the newly built Capesize Dry Bulk Carrier m/v Santa Barbara; time charter contracts for m/v Polymnia with Vroon and m/v Danae with Glencore Diana Shipping Inc. announced that, through a separate wholly-owned subsidiary
Charter rates at 6-year lows as cargoes scarce; some owners anchoring ships rather than leasing at a loss. Rates for capesize bulk carriers have plunged to fresh six-year lows and could fall further with cargoes scarce in the post-holiday period, brokers said.