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Steel Mills News

14 Feb 2024

US Great Lakes Shipping Companies Spend $120 Million on Winter Repairs

(Photo: Lake Carriers’ Association)

American shipping companies are spending more than $120 million to repair and maintain their fleets of Great Lakes bulk carriers this winter.The fleet of U.S.-flagged ships, known as "lakers", can move more than 90 million tons of cargos annually, including iron ore, stone, coal, grain, salt and sand. Each year after the shipping season draws to a close, these vessels enter shipyards and repair facilities around the Great Lakes for a period of winter maintenance and repair. This…

23 Oct 2023

Baltic Dry Index Falls on Muted Demand for Capesize Vessels

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a third straight session on Monday, pressured by weaker rates in the capesize segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 29 points, or 1.4%, to 2,017, its lowest in a week.The capesize index lost 83 points, or 2.3%, at 3,473.Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell by $688 to $28,805.Dalian iron ore futures fell, d

09 Oct 2023

Ship Recycling Market Surges

Source: GMS

After a dire summer that saw over USD 100/LDT wiped off vessel recycling prices in Indian sub-continent ship recycling markets (and even Turkey to an extent), nearly all of the markets have enjoyed an upward resurgence entering the fourth quarter of the year.India has been the primary beneficiary of this recent resurgence with some stunning (container) purchases, some even approaching the USD 600/LDT mark once again, reports cash buyer GMS. As China too entered a holiday period…

21 Aug 2023

Baltic Dry Index Down as Capesize Vessel Rates Fall

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The Baltic Exchange's main sea freight index fell for a second straight session on Monday, weighed down by a dip in capesize vessel rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 14 points to 1,223.The capesize index fell 60 points, or 3.8%, to 1,538, its lowest in nearly four weeks.Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $503 to $12,752.The panamax index slipped 1 point to 1,541, snapping its 18-day w

20 Jul 2023

Biden Attends Steel Cutting for Great Lakes' Subsea Rock Installation Vessel

From left to right: Lasse Petterson, CEO of Great Lakes Dredge and Dock; Rep. Mary Gay Scanlon, D-Pa.; President Joe Biden; and Steinar Nerbovik, CEO of Philadelphia Shipyard (Photo: Philly Shipyard)

President Joe Biden traveled to Philadelphia on Thursday to attend a steel cutting ceremony for Great Lakes Dredge & Dock Corporation's new offshore wind rock placement vessel, touting his administration’s clean energy agenda and job creation efforts as the U.S. builds up its offshore wind industry. "The clean energy future we’re building all across America will be transformational,” Biden said during the ceremony at Philly Shipyard. “Thousands of families will rely on good jobs these projects create…

18 Jul 2023

GMS Reports Ship Recycling Industry Frustration

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It has been another frustrating week across all of the major ship recycling destinations, with prices marooned / flat and businesses yet to fully resume at pace following the conclusion of Eid holidays, reports GMS in its weekly report for Week 28, 2023.GMS recalls the good news that Bangladesh has completed its accession to the Hong Kong Convention (HKC) as further progress is made in recycling markets before the convention formally enters into force.Meanwhile, the lack of tonnage…

22 May 2023

Managing Offshore Oil & Gas Through Energy Transition

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Scientists warn that climate change is the greatest peril that humankind has ever faced. Yet oil and gas exploration is set to clock the highest growth for more than a decade this year and next. Protesters cause disruption but, for the moment, hydrocarbon energy underpins life as we know it“Offshore oil and gas production probably matters now more than ever,” said Audun Martinsen. The Rystad Energy Partner and Head of Energy Research told Maritime Reporter & Engineering News.“It…

28 Apr 2023

Baltic Dry Index Logs Third Straight Monthly Rise

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The Baltic Exchange's main sea freight index slipped on Friday, but posted its third straight monthly gain, supported by increasing demand for the capesize vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 5 points to 1,576. The index was, however, up 13.5% for the month, as well as registered a weekly rise.The capesize index rose 25 points, or about 1.1%, to 2,301, its highest level since late December.The index gained 38.2% for the month.

13 Mar 2023

Baltic Dry Index Rises Above 11-week High

© dani3315 / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to an over 11-week high on Monday, propelled by stronger rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 41 points, or about 2.9%, at 1,465 - its highest since Dec.

05 Jul 2022

New Dry Bulk Commodity Analytics Company Launched

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DBX, a new dry bulk commodity analytics firm based in London, officially launched earlier this year having successfully completed Signal Venture’s incubation program, and it has now initiated a round of seed funding.The venture started in the summer of 2020 with all around support from Signal Ocean. This support included financial, data, technology and recruitment, OilX, an oil commodity analytics firm previously launched by Signal, also provided high level technical support.DBX…

09 Jun 2022

Baltic Dry Index Hits Six-week Low

© Ali Safarov / Adobe Stock

The Baltic Exchange's main sea freight index extended its slide on Thursday to hit the lowest in more than six weeks, hurt by falling rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 68 points, or 2.8%, to 2,342 points.The capesize index fell 88 points, or about 3.6%, to 2,369 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $737 to $19,643.China's coal imports dropped in May after a strong rebound in the previous month, official data showe

08 Jun 2022

Baltic Dry Index Touches Over 1-month Low

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The Baltic Exchange's main sea freight index extended losses to hit a more than one-month low on Wednesday, pressured by lower rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 104 points, or 4.1%, to 2,410 points.The capesize index fell 211 points, or about 7.9%, to 2,457 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,748 at $20,380.A drop-off in grain shipments led by closures of Ukrainian ports and China's strict zero-COVID

14 Apr 2022

Australia, Indonesia Unlikely to Meet Europe's Coal Demand If Russian Imports Banned

Credit: Alex Traveler/AdobeStock

Indonesia and Australia, among the world's top coal exporters, have hit their production limits and are unlikely to meet Europe's demand for additional supplies if the European Union bans Russian coal imports, mining executives said on Wednesday.The European Commission proposed on Tuesday new sanctions against Russia over its invasion of Ukraine, including a ban on buying Russian coal and on Russian ships entering EU ports, and said it was working on banning oil imports too.The EU depends on Russia for around 45% of its coal imports…

02 Feb 2022

Lack of Icebreaking Hampers Great Lakes Shipping

(Photo: Great Lakes Maritime Task Force)

A lack of Coast Guard icebreaking assets is hampering U.S.-flag shipping on the Great Lakes, according to industry coalition the Great Lakes Maritime Task Force.“The inefficiency introduced into the Great Lakes Navigation System by inadequate Coast Guard icebreaking resources impacts the carriers, their customers and the entire North American Manufacturing supply chain,” said Jim Weakley, President of Great Lakes Maritime Task Force, and the Lake Carriers’ Association. “The men and women of the U.S. Coast Guard do the best they can with the resources they are provided.

13 Jan 2022

China 2021 Iron Ore Imports Retreat from Record on Steel Curbs

© masterskuz55 / Adobe Stock

China's iron ore imports dropped in 2021, down 4.3% from the previous year's record annual high, as steel production curbs imposed to combat pollution dented demand and pulled prices of the key steelmaking material off historical highs.The world's top iron ore consumer brought in 1.12 billion tonnes of the commodity last year, compared with 1.17 billion tonnes imported in 2020, data from the General Administration showed on Friday.For December, China imported 86.07 million tonnes of the raw material…

12 Jan 2022

Weak Demand Across Vessels Drags Baltic Index to 10-month Low

© Lukasz Z / Adobe Stock

The Baltic Exchange's dry bulk sea freight index extended losses on Wednesday to a 10-month low, pressured by lower rates across all its vessel segments.The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 124 points, or 5.8%, to 2,027, its lowest since March 16.The capesize index dropped 228 points, or 9.8%, to a 10-month low of 2,097.Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $1,894 to $17,390.The panamax index fell 150 points, or 5.5%, to 2,565, its lowest since Dec.

23 Nov 2021

Langh Ship Orders Three New Ships

(Image: Langh Ship)

Finnish shipping company Langh Ship announced it has ordered three 7,800 dwt newbuild cargo ships from Wuhu Shipyard in China.The first vessel is expected to be delivered in summer 2023 followed by its two sisters soon thereafter.The vessels will operate in a regular service between Outokumpu’s steel mills in northern Finland and the Netherlands. The cargo holds will be equipped with tween decks for steel coil carriage, a special design by Langh Cargo Solutions.Langh Ship said it developed the vessel design in close cooperation with Outokumpu to make the ships as energy efficient…

26 Jul 2021

Iron Ore Stumbles as Rising Supply Runs into China Steel Discipline

Credit;masterskuz55/AdobeStock

Iron ore prices have suffered their worst week for nearly 18 months amid signs that the two factors needed for a sustained correction may be coming into play - Chinese steel producer discipline and a recovery in supply of ore.The main Chinese domestic iron ore benchmark, the Dalian Commodity Exchange contract, dropped around 10% in the week to July 23, the worst weekly performance since February last year.The contract ended the week at 1,126 yuan ($173.77) a tonne, and has now slid about 17% from its record high in May.Benchmark spot 62% iron ore for delivery to north China , as assessed by co

27 Oct 2021

Chinese Coal and Iron Ore Imports Down from Last Year-BIMCO

© masterskuz55 / Adobe Stock

Despite the very strong freight rates and the apparently tight market, the all-important driver for dry bulk shipping, China, has in fact seen imports of its two largest dry bulk commodities shrink year-on-year so far this year. The two largest imported commodities for China, iron ore and coal are however, interestingly on two different trajectories, as the latter could be ending the year with higher total volumes than in 2020.“The high freight rates that the dry bulk market is currently enjoying cannot directly be linked to higher volumes from the world’s largest dry bulk importer.

08 Feb 2021

PPG Debuts Corrosion-fighting Coating

Credit: PPG

PPG has unveiled a next-generation, ambient-cure coating engineered for challenging corrosion-under-insulation (CUI) conditions.A high-build product that offers dry film thickness of 10 to 12 mils in a one-coat application, PPG HI-TEMP 1027HD coating provides excellent protection against corrosion on pipes, vessels and construction parts when plants are in operation, PPG said, adding the durable coating is formulated to withstand severe temperature cycles ranging from -320 F (-196 C) to 1…

19 Apr 2021

Baltic Dry Index Rises to 1.5-year Peak

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The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose to 1-1/2-year peak on Monday as demand improved across vessel segments.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, added 47 points, or 2%, to 2,432, its highest level since September 2019.The capesize index gained 37 points, or 1.1%, to 3,476, its highest in more than six months.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $310 to $28,830.Iron ore pri

02 Nov 2021

Bangladesh's Hazardous Shipyards Launch Race for Cleaner, Safer Future

Illustration - Credit: saintmichel85/AdobeStock

When Samrat Hossain first started cutting up old ships weighing thousands of tonnes in a southeast Bangladesh shipbreaking yard a decade ago, all he would wear was a cap or a helmet.But these days, the 27-year-old spends nearly an hour each day before work putting on his protective gear, which includes special masks, gloves, boots, and a suit."A lot has changed in the last 10 years. Before, PPE (Personal Protective Equipment) was not a factor. But today we are not allowed to work without it…

27 Jan 2021

Baltic Index Falls to Three-week Low

© Rudmer Zwerver / Adobe Stock

The Baltic Exchange's main sea freight index slipped to its lowest in nearly three weeks on Wednesday, dragged by a drop in demand for the larger capesize vessel segment.The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down for a fourth straight session, and dipped by 119 points, or 7.2%, to 1,540, its lowest since Jan.