Steel Products News

India's navy evacuated all 20 crew from a stricken vessel in the Red Sea on Thursday, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group's campaign against the key shipping route.The Iran-aligned militants fired a missile at the Barbados-flagged, Greek-operated True Confidence on Wednesday about 50 nautical miles off the southern Yemeni port of Aden, setting it ablaze.In a statement, the owners and manager said all 20 crew and three…

Yemen's Houthi movement will expand its targets in the Red Sea region to include U.S. ships, an official from the Iran-allied group said on Monday, as it vowed to keep up attacks after U.S. and British strikes on its sites in Yemen.Attacks by the Houthis on ships in area since November have impacted companies and alarmed major powers in an escalation of Israel's more than three-month war with Hamas militants in Gaza. The group says it is acting in solidarity with Palestinians.British…

Houthi forces in Yemen struck the U.S.-owned and operated dry bulk ship Gibraltar Eagle with an anti-ship ballistic missile, U.S Central Command said on Monday, although there were no reports of injuries or significant damage.The vessel's U.S.-based operator Eagle Bulk Shipping said that it was hit by an "unidentified projectile" while sailing 100 miles off the Gulf of Aden and suffered limited damage to its cargo hold, and no seafarers were injured."As a result of the impact…

Nippon Kaiji Kyokai (ClassNK) has joined the major classification societies to amend its rules relating to the inspection of seawater-lubricated propeller shaft systems.The amendment means that ships with open seawater-lubricated propeller shafts that are built to ClassNK rules are subject to the same 15-year shaft withdrawal inspection periods as oil-lubricated shafts and sterntubes, subject to monitoring criteria.The announcement brings ClassNK’s requirements in line with those of other large class societies…

A vessel carrying steel products to Africa has left Ukraine's Odesa port through a temporary Black Sea corridor, the second ship to do so since Russia withdrew last month from a U.N.-brokered deal that allowed for grain to be safely exported, a senior Ukrainian government official said on Sunday.Deputy Prime Minister Oleksandr Kubrakov said the Liberian-flagged ship Primus had begun sailing through a temporary corridor set up for civilian vessels, confirming a report on Saturday by a Ukrainian lawmaker."The second vessel blocked due to the war has left the port of Odesa and is now sailing through a temporary corridor," Kubrakov posted on the social media platform X, formerly called Twitter.Kubrakov said the ship had been at the port since Feb.

U.S. marine terminal and logistics company Enstructure announced Monday that it has acquired Richardson Companies, a terminal and logistics company with primary operations in  Port Houston and the Port of Mobile.Richardson handles a diverse mix of breakbulk cargoes, including steel products, forest products, and project cargo. The company operates approximately one million square feet of industrial warehousing in Houston, Baytown, Freeport, and Mobile.Following the acquisition…

Recycling markets are ambling towards the end of the year without any real impetus, ability, aggression, or even an apparent willingness to engage in discussions to buy, so volatile has the situation been over the last two quarters.Prices have of course come off by about $200/LDT in the sub-continent markets since the stunning peaks witnessed over $700/LDT just earlier this year – for reference, on a standard Capesize Bulker, that is over $4 million lost on the residual value…

After the announcement by the Indian government that they would reduce export duties on iron ore and steel products, the Alang market surged by Rs. 4,000 (about USD 49) in a single day, only to come crashing down in subsequent days to the tune of USD 50/Ton by the time the weekend had arrived.In the midst of this surge, there was one Capesize Bulker sold for HKC / strictly green recycling into India, and it is hoped that some stability on prices will be found in the week(s) ahead.Notwithstanding…

China's exports rose at the fastest pace in five months in June as factories revved up after the lifting of COVID lockowns, but a sharp slowdown in imports, fresh virus flare-ups and a darkening global outlook pointed to a bumpy road ahead for the economy.Analysts say the rebound in exports reflected an easing of supply chain disruptions and port congestion that hammered the world's second-largest economy in spring when the government rolled out widespread lockdowns.Outbound shipments in June rose 17.9% from a year earlier…

U.S. grain shipments via the Great Lakes-Seaway system totaled 312,000 metric tons from March 22 to May 31, up 39% compared to the same period in 2021. Much of the increase is due to exports of corn and soybeans out of the Port of Toledo and some new trade starting at the port of Oswego this shipping season. The rise in shipments, which are predominantly heading to Europe and North Africa, are in part due to shifting global grain trading patterns as the conflict between Russia and the Ukraine — both major grain exporters — continues.“The Great Lakes-St.

Dry bulk shipping company Globus Maritime has signed a contract for the construction and acquisition of one fuel-efficient bulk carrier of about 64,000 DWT. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered during the first half of 2024. The total consideration for the vessel's construction is approximately $37.5 million, which Globus Maritime plans to finance with a combination of debt and equity. Athanasios Feidakis, President and CEO of Globus…

Miros, in association with its Vietnam partner Reecotech, won  two contracts to support industrial projects with its RangeFinder solution. The Miros RangeFinder is a dry, radar-based sensor measuring airgap, tide, water level, draught, and waves, offering millimetre accuracy in all weather conditions. The sensor, which was chosen for its ability to reliably deliver high data quality, will be implemented as part of tailored automated weather and sea monitoring systems.The first…

Waterway traffic is coming back. November 2021 saw 52.1 million tons moving on the U.S. inland waterway system, the highest monthly tonnage since October 2019, a few months before the onset of the COVID-19 pandemic, and the shutdowns and stoppages of early 2020. Flows estimated by the Bureau of Transportation Statistics (BTS), part of the U.S. Department of Transportation, based on data from the U.S. Army Corps of Engineers (USACE) show a 25% rise from June 2020. Data in a presentation by The Waterways Council Inc (WCI)…

Indiana Cargo Crossroads is a working partnership of Ports of Indiana and Superior River Terminals Indiana (SRTI). The new general cargo operator began work in Jeffersonville Jan. 1 providing stevedoring and distribution services to customers. It will grow and diversify cargoes, make investments into facility expansions and drive projects that create significant economic benefits for the regional economy.The port’s general cargo terminal consists of a 10-acre parcel of land adjacent to the Ohio River…

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…

Nashville-based Ingram Marine Group, one of the largest barging companies in the U.S., announced Monday that David O’Loughlin will retire from his role as CEO. He will be succeeded by John Roberts, the company’s current chief operating officer, who will take the helm as the new president and CEO on February 1. O’Loughlin will stay with the company as vice chair for the remainder of 2022 to assist with the transition. “Dave has been invaluable to our company and our people,” said Ingram Barge Company chairman Orrin H. Ingram II.

Dalian iron ore rose on Friday and advanced nearly 6% this week as traders returned from New Year holidays feeling optimistic about potential demand recovery in top steel producer China.Iron ore's most-active May contract on China's Dalian Commodity Exchange ended daytime trading 1.4% higher at 719 yuan ($112.78) a tonne, rising for a fourth straight session and touching 725.50 yuan earlier in the day, its highest since Oct. 27.On the Singapore Exchange, the steelmaking ingredient's most-traded contract expiring by end-February climbed as much as 0.7% to $128.25 a tonne…

The Baltic Exchange's dry bulk sea freight index edged higher on Thursday, buoyed by an uptick in capesize and panamax vessel rates.The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 7 points to 2,296The capesize index rose 55 points, or 2.4%, to 2,356Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $451 to $19,535Iron ore futures rose on Thursday, on expectations of a recovery in Chinese demand for the steelmaking raw material and steel products after the Beijing 2022 Olympics next monthThe

The U.S. Department of Transportation’s Maritime Administration (MARAD) awarded $12.6 million in grants to nine marine highway projects across the Nation under the America’s Marine Highway Program (AMHP). The funding will help address supply chain disruptions, enhance the movement of goods along our navigable waterways, and expand existing waterborne freight services in Delaware, Hawaii, Indiana, Kentucky, Louisiana, North Carolina, New York, New Jersey, Tennessee, Texas, and Virginia.“These investments through the America’s Marine Highway Program will help us move more goods…

The Baltic Exchange's main sea freight index snapped four sessions of gains on Tuesday due to lower rates in the capesize and panamax vessel segments.The index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, dropped 44 points, or 1.4%, to 3,166.The capesize index lost 106 points, or 2.7%, to 3,844, its lowest since July 22.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, fell by $875 to $31,880.Dalian coke futures rose for a third straight session on Tuesday to hit an 11-week peak, whil

China's iron ore imports fell 3.5% in April from a month earlier, official customs data showed on Friday, as shipments to the world's top iron ore consumer from major suppliers were disrupted by inclement weather.Arrival volumes of the steelmaking ingredient stood at 98.57 million tonnes last month, according to data from the General Administration of Customs.That compared with imports of 102.11 million tonnes in March and 95.71 million tonnes in April 2020."Shipments from Australia declined recently due to a cyclone in early April…

China’s iron ore imports slipped 1.7% in October from a month earlier, but still hovered well above 100 million tonnes, official customs data showed on Saturday, propped up by firm demand at Chinese mills and shipments from major miners.The world’s top iron ore consumer imported 106.74 million tonnes of the steelmaking ingredient in October, 14.9% more than in October 2019, but still below the 108.55 million tonnes brought in during September, according to data from the General Administration of Customs.For the first 10 months of 2020…

The Baltic Exchange's main sea freight index that tracks rates for ships carrying dry bulk commodities fell on Friday, registering its worst week in nearly three months, weighed down by weaker demand across vessel segments.The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 84 points, or 5.4%, at 1,477 points.The index, which fell for an eighth straight session, has lost more than 20% this week.The capesize index slipped 215 points, or 8.2%, to 2,406 points.Average daily earnings for capesizes, which typically transport 150,000-ton