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Thursday, March 28, 2024
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Capesize News

25 Mar 2024

Baltic Dry Index Slips to Three-week Low

© aerial-drone / Adobe Stock

The Baltic Exchange's main sea freight index fell to over a three-week low on Monday, weighed down by weakness in the capesize and panamax vessel segments.he overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell for the fifth straight session by 73 points, or 3.3%, to 2,123 points.The capesize index lost 187 points, or 5.4%, at 3,295, its lowest level since Feb. 27.Average daily earnings for capesize vessels, which typically transports 150…

05 Mar 2024

Baltic Dry Index Ticks Down as Capesize Losses Offset Gains in Smaller Vessels

© Daniel / Adobe Stock

The Baltic Exchange's dry bulk sea freight snapped a 12-session winning streak on Tuesday, as pressure from lower capesize rates outweighed gains in smaller vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 0.3% at 2,291 points.The capesize index .BACI snapped its nine-session rising streak, shedding 57 points, or 1.4%, to 4,148.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal…

29 Feb 2024

Norden Acquires Four Capesize Newbuilds

(Photo: Norden)

Danish shipowner Norden announced it has acquired four Capesize newbuilds expected to be delivered between 2025-2027.With the latest investments, adding to the five owned and seven chartered Capesize vessels, Norden is moving toward its ambition to operate between 20-25 Capesizes.The company said it has seen "strong demands from customers looking to unlock economies of scale by sizing up to improve efficiencies while lowering emissions"."The investments are furthermore a testament to the long-term opportunities we are seeing in the dry cargo markets," the company added.Jan Rindbo, CEO of Norde

28 Feb 2024

Anglo American Takes Delivery of Final LNG Dual-fuel Bulk Carrier

Ubuntu Liberty (Photo: Anglo American)

Anglo American has taken delivery of its 10th and final dual-fueled bulk carrier powered by liquefied natural gas (LNG), the company said on Wednesday.The capesize-plus LNG dual-fueled bulk carriers have been built and delivered over the last three years from Shanghai Waigaoqiao Shipbuilding Co.

14 Feb 2024

Diana Shipping Orders Two Methanol Dual-fuel Bulkers

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Greek shipowner Diana Shipping on Wednesday announced it has placed an order for two new methanol dual-fuel Kamsarmax bulk carriers from China's Tsuneishi Group (Zhoushan) Shipbuilding Inc.The 81,200 dwt newbuilds were ordered at a purchase price of $46 million each, Diana said. The vessels are expected to be delivered by the second half of 2027 and the first half of 2028, respectively.Diana in September 2023 announced it signed a letter of intent (LOI) to order the ships through…

13 Feb 2024

Dry Bulk Vessel Rates on the Rise

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The Baltic Exchange's dry bulk sea freight index rose for a third straight session on Tuesday to hit a one-month peak, as rates climbed across larger vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 13 points, or 0.8%, at 1,585 points, its highest since Jan. 10.The capesize index also scaled a one-month high. It added 23 points, or 0.9%, at 2,476 points.Average daily earnings for capesize vessels, which typically transport 150…

12 Feb 2024

Safe Bulkers Sells 2005-built Panamax

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Dry bulk shipowner Safe Bulkers announced Monday it has has reached a deal to sell the oldest vessel in its fleet to an undisclosed buyer.The ship is the Maritsa, a 76,000 dwt Panamax bulk carrier built in Japan in 2005. The vessel was sold at a gross sale price of $12.2 million and a forward delivery date from April 2024 to May 2024, New York-listed Safe Bulkers said.Dr. Loukas Barmparis, president of Safe Bulkers, said, “We continue our strategy to selectively sell older vessels…

07 Feb 2024

Japan’s First LNG-Fueled Capesize Bulk Carrier Delivered

SG Ocean (Credit: NYK)

An LNG-fueled capesize bulk carrier, ordered by NYK and to be deployed to transport iron ore and coal from Australia to Japan under a long-term consecutive voyage charter contract with JFE Steel Corporation (JFE), has been delivered.The naming ceremony for the vessel was held on January 30, 2024, at Japan Marine United Corporation's Tsu Shipyard in Mie Prefecture.The vessel is the first capesize LNG-fueled bulk carrier to be built at a shipyard in Japan, according to an NYK research.The vessel was named ‘SG Ocean’ to reflect the ‘SG’ of NYK's ‘Sail GREEN’ brand…

23 Jan 2024

Diana Shipping Sells Its Oldest Vessel

(Photo: Diana Shipping)

Diana Shipping on Tuesday announced it has reached a deal to sell its oldest vessel, an 18-year-old panamax bulk carrier.The Greek shipowner said it has reached a memorandum of agreement through one of its subsidiaries to sell the 76,942 dwt vessel Artemis to an undisclosed third-party buyer for $12.99 million. The ship is slated to be delivered to its new owner by March 8 at the latest.Artemis was built in 2006 by Japan's Namura Shipbuilding Co., Ltd. in 2006.Upon completion of the sale…

18 Jan 2024

Baltic Dry Index Snaps Eight-day Losing Streak

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The Baltic Exchange's dry bulk sea freight index snapped an eight-day losing streak on Thursday as rates increased across larger vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 49 points, or 3.8%, to 1,357.The capesize index rose by 120 points, or 6.9%, to 1,853.Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $990 to $15,365.Iron ore futures prices rebounded, aided by renewed hope of further stimulus from top consumer China following a speech

12 Jan 2024

Baltic Dry Index Marks Worst Week Since 2008

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The Baltic Exchange's dry bulk sea freight index slid on Friday as its worst week since 2008 came to an end with rates across vessel segments languishing at multi-month lows.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 94 points, or 6.1%, to 1,460, its lowest level since Nov. 2. It shed more than 30% for its biggest weekly decline since 2008.The capesize index dropped by 252 points, or 10.4%, to 2,172, extending its losing streak to the fifth session and hitting its lowest since Nov.

09 Jan 2024

Diana Shipping Announces Continuation of Time Charter for Amphitrite

Source: Diana Shipping

Diana Shipping, a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the Amphitrite.The gross charter rate is $12,250 per day for the first 30 days of the charter period and $15,000 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties…

09 Jan 2024

Baltic Dry Index Logs Biggest Fall in a Month

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The Baltic Exchange's dry bulk sea freight index fell on Tuesday to a nearly seven-week low in its worst showing in more than a month, as rates across vessel segments hit multi-week lows.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 147 points, or 7.3%, to 1,875, hitting a fresh low since Nov. 23.The capesize index dropped by 350 points, or 9.7%, to 3,249, also logging its biggest daily fall since Dec. 7.Average daily earnings for capesize vessels…

03 Jan 2024

Baltic Dry Index Edges Down as Demand for Smaller Vessels Slips

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The Baltic Exchange's dry bulk sea freight index eased on Wednesday, as falling rates for panamax and supramax vessels overshadowed gains in the capesize segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 2 points, or 0.1%, at 2,091.The capesize index was up 85 points, or 2.4%, at 3,569, its highest in more than two weeks.Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal…

19 Dec 2023

MOL to Expand Fleet With 5 New LNG-fueled Capesize Bulkers

(Credit: Mitsui O.S.K. Lines)

Japanese shipping major Mitsui O.S.K. Lines (MOL) has decided to expand its fleet with the additional five newbuilding dual-fueled Capesize bulkers, which can burn either LNG or conventional marine fuel oil.Two of the vessels will be ordered to Nihon Shipyard and built by Imabari Shipbuilding, while there remaining three will be built by Chinese CSSC Qingdao Beihai Shipbuilding.The vessels are slated for delivery from 2026 to 2027, according to MOL. Including these five vessels, MOL will add a total of 13 LNG-fueled Capesize bulkers in their fleet.

13 Dec 2023

Star Bulk and Eagle Bulk Agree to $2.1 Billion Merger

© Ivan / Adobe Stock

Dry bulk shipping companies Star Bulk Carriers and Eagle Bulk Shipping have reached a deal to merge in a $2.1 billion all-stock deal.The terms of the definitive agreement have received unanimous approval from the boards of directors of both New York-listed ocean carriers, and the companes expect the deal to close in the first half of 2024 following approvals from regulators and Eagle shareholder.Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.

30 Nov 2023

Baltic Dry Bulk Index Doubles in November

Source: Baltic Exchange

The Baltic Exchange's dry bulk sea freight index .BADI gained for the sixth consecutive session on Thursday, more than doubling in November to hit an one-and-a-half year peak helped by mounting supply of tonnage and cargo demand.The overall index .BADI, which factors in rates for capesize, panamax, supramax shipping vessels, was up 241 points or 8.9% at 2,937.

29 Nov 2023

Diana Shipping Announces Time Charter with K Line

Source: Diana Shipping

Diana Shipping Inc. has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Kawasaki Kisen Kaisha (K Line) for one of its Capesize dry bulk vessels, the New Orleans.The gross charter rate is US$20,000 per day, minus a 5% commission paid to third parties, for a period until minimum August 15, 2025 up to maximum October 31, 2025. The charter is expected to commence on December 7, 2023.The New Orleans is a 180,960dwt Capesize…

20 Nov 2023

Ecochlor Signs CCS Letter of Intent

Sinotech's Carbon Capture and Storage System courtesy of Ecochlor

Ecochlor, Inc. has signed a Letter of Intent (LOI) with Diana Shipping Services and carbon capture and storage (CCS) specialist, Sinotech CCS for the installation of a Sinotech scrubber and CCS system onboard one of Diana Shipping’s capesize dry bulk carrier, the MV G.P. Zafirakis.This system is designed to capture 25% of the CO2 emitted within the exhaust gas and temporarily storing it onboard in liquified form (LCO2). Sinotech will provide the expertise for a full feasibility study…

20 Nov 2023

Weaker Capesize Rates Push Baltic Dry Index Lower

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, dropped to snap a seven-session winning streak on Monday, weighed down by lower capesize rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 3 points, or 0.2%, to 1,817.The capesize index lost 56 points, or 2%, to 2,707.Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal…

01 Nov 2023

Baltic Dry Index Falls for 10th Straight Session

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a tenth straight session to a near seven-week low on Wednesday, as rates fell across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 4% or by 58 points to 1,401.The capesize index declined 6% or 121 points to 1,899, its lowest in over one month.Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, lost $999 to $15,751."We anticipate

10 Nov 2023

Baltic Index Logs Weekly Gain as Rates Across Vessels Rise

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The Baltic Exchange's dry bulk sea freight index rose on Friday, marking a weekly rise, steered by higher rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 45 points, or 2.8%, to 1,643. The index added 12.4% this week.The capesize index added 103 points, or 4.1%, to 2,589, up 21.4% for the week. Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal…

17 Nov 2023

Strong Vessel Demand Lifts Baltic Dry Index to Second Weekly Gain

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The Baltic Exchange's dry bulk sea freight index rose on Friday and posted a second consecutive weekly gain on the back of stronger demand across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose to an over three-weeks high as it added 62 points, or 3.5%, to 1,820. It was up 10.8% this week.The capesize index added 99 points, or 3.7%, to 2,763. The index rose 6.8% for the week.Average daily earnings for capesize vessels…