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Capesizes News

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

27 Feb 2024

Japan Continues to Lead Shipowner Rankings

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VesselsValue has unveils this year’s top 10 shipowning nations, reviewing the total asset values for vessels by beneficial owner country. From Japan's resolute leadership in the top position with a USD 206.3 billion fleet to the emergence of Hong Kong at USD 44.7 billion, asset values and ownership strategies have changed considerably over the last 12 months, says Rebecca Galanopoulos-Jones, Senior Content Analyst, Veson Nautical.The data provided by VesselsValue and analysed by Veson is valid as of February 2024.

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.

18 Oct 2023

Capesize Order Book Slips to 5% of Fleet

“At the start of October, the capesize order book was at 20 million DWT, a mere 5% of the capesize fleet. The contracting of newbuild capesize ships has gradually decreased since its peak in 2013 and only 5 million DWT were contracted so far in 2023, down 4% y/y. Low freight rates paired with a young fleet are keeping the order book small,” says Filipe Gouveia, Shipping Analyst at BIMCO.Contracting of newbuild ships typically increases following periods of high freight rates. For capesizes, freight rates depend heavily on China, as 63% of their cargoes have China as their destination.

05 Oct 2023

Coal Shipments to India fall 9% as Domestic Mining Increases

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During the first nine months of 2023, coal shipments to the world’s second-largest importer of seaborne coal, India, fell 9% y/y. A 12% y/y rise in domestic coal mining replaced imports and electricity production continued to rise despite lower production from hydropower. This is according to Filipe Gouveia, Shipping Analyst at BIMCO.To ensure energy supplies, India’s government has pushed for an increase in domestic coal mining. Indian coal imports peaked in 2019 and significantly fell during the Covid pandemic before partially recovering in 2022.

31 Aug 2023

Decline in Bigger Vessels Drags Baltic Index to Monthly Dip

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The Baltic exchange's main sea freight index tracing rates for ships ferrying dry bulk commodities recorded its first monthly decline in three months on Thursday, pressured by lower rates for the larger capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, edged down by 8 points, to 1,086.The main index shed 3.6% for the month of August.The capesize index fell 29 points or 2.6% to 1,094 on Thursday, its lowest level in almost six months.

25 Aug 2023

Lauritzen Adds Three Secondhand Bulk Carriers

Lauritzen Bulkers announced it has taken full ownership of three additional secondhand bulk carrier vessels in the month of August.The three geared capesizes were built between 2015 and 2017.Asian Bulker is a handysize built in 2017 with a summer DWT of 36,169 mt, taken over by Lauritzen Bulkers on August 14.Australian Bulker is a handysize also built in 2017 with a summer DWT of 36,184 mt, taken over by Lauritzen Bulkers on August 16.Iceland Bulker (previously Glorious Mahuta) is another handysize vessel with a summer DWT of 37,775 mt and was taken over on August 24.

25 Aug 2023

Baltic Dry Index Logs Worst Week in More than Two Months

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The Baltic Exchange's main sea freight index fell on Friday to finish its worst week since early-June, weighed down by lower rates for capesize and panamax vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, was down 30 points, or 2.7%, at 1,080.The main index fell 12.7% for the week - its biggest weekly percentage loss since June 2.The capesize index dropped 85 points, or 6.8%, to 1,174.

17 Aug 2023

China Demand Drives 7% Jump in Minor Ore Exports

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“Driven by continued growth in minor ore demand in China, global seaborne minor ore exports rose 7% y/y in the first seven months of 2023, vastly outpacing the 2% y/y growth in overall dry bulk exports,” says Filipe Gouveia, Shipping Analyst at BIMCO.Accounting for 51% of seaborne minor ore exports, bauxite exports also led year to date growth with a 9% y/y increase. Bauxite is refined into alumina, the primary ingredient in aluminium production.Chinese aluminium production has rapidly increased since the start of the Ukraine war.

16 Aug 2023

Baltic Dry Index Hits Over One-month High on Gains Across Vessel Segments

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The Baltic Exchange's main sea freight index rose to a more than one-month high on Wednesday, helped mostly by steady gains in rates for the panamax and capesize vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 67 points, or 5.8%, to 1,233.The capesize index gained 104 points, or 6.5%, to 1,701.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $862 to $14,106.The panamax index gained 74 points, or 5.2%,

10 Aug 2023

Baltic Index Falls on Weakness in Capesize Rates

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The Baltic Exchange's main sea freight index edged lower on Thursday as a decline in capesize rates overshadowed advances in the panamax segment.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, ticked down by 7 points, or 0.6%, to 1,137.The capesize index fell 78 points, or 4.5%, to 1,674, declining for the third straight session.Average daily earnings for capesizes .BATCA, which typically transport 150,000-ton cargoes carrying commodities such as iron ore and coal, decreased by $643 to $13,883.Dalian iron ore futures

07 Aug 2023

Baltic Dry Index Up on Firm Rates for Larger Vessels

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The Baltic Exchange's main sea freight index rose for a third straight session on Monday, buoyed by an uptick in capesize and panamax vessels rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 9 points to 1,145.The capesize index gained 14 points to 1,832.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $112 to $15,192.The panamax index gained 20 points, or 1.8%, to 1,153, highest since June 21.Average daily earni

04 Aug 2023

Baltic Dry Index Logs Second Straight Weekly Gain

© Alexey Lesik / Adobe Stock

The Baltic Exchange's main sea freight index rose for the second straight week on Friday, led by strong demand in the panamax vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 8 points, or 0.7%, to 1,136.The main index was up 2.3% for the week, its second straight weekly gain.The panamax index rose 21 points, or 1.9%, to 1,133.The index jumped 16.2% in its best week since March 3.Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increa

01 Aug 2023

Baltic Index Climbs to Over 1-month High on Demand for Larger Vessels

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a fifth straight session on Tuesday, boosted by higher demand for larger vessels.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, rose by 23 points, or 2%, to 1,150, its highest level since June 27.The capesize index added 47 points, or 2.5%, to 1,920, its highest in six weeks.Average daily earnings for capesizes, which typically transport 150…

31 Jul 2023

Baltic Dry Index Logs Second Straight Monthly Gain

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The Baltic Exchange's main sea freight index gained on Monday, posting its second straight monthly gain, supported by an uptick in rates for capesize and panamax vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 17 points, or 1.5%, to 1,127. The index was up 3.3% for the month.The capesize index earned 43 points, or about 2.4%, to 1,873, its highest level since late June. The index has gained 10% for the month.Average daily earnings for capesizes…

21 Jul 2023

Baltic Index Logs 10% Weekly Drop as Demand for Larger Vessel Wilts Away

Credit:debjit

The Baltic Exchange's main sea freight index closed the trading week at a 10% decline, pressured by lower demand in the larger vessel segments.The overall index that factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, however, edged up by 1 point to 978 on Friday.The capesize index gained 21 points, or about 1.5%, to 1,442, but has fallen nearly 13% this week.Average daily earnings for capesizes, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $171 to $11,958 on Friday.

19 Jul 2023

Demand for Larger Dry Bulk Vessels Wanes

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a fourth straight session on Wednesday, pressured by lower rates for larger capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 33 points, or 3.2%, to 1,004.The capesize index went down by 61 points, or 4%, to its lowest level in near six-week at 1,468.Average daily earnings for capesizes…

17 Jul 2023

Baltic Dry Index Slips on Weaker Vessel Demand

© Alexey Lesik / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday, pressured by lower rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 17 points, or 1.6%, at 1,073 — its lowest since July 3.The capesize index fell 41 points, or 2.5%, to a two-week low of 1,614.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, dropped $336 to $13,386.Singapore and Dalian iron ore futures retreate

14 Jul 2023

Baltic Dry Index Logs First Weekly Gain in Three

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, marked its first weekly gain in three even as it inched lower on Friday on weaker demand in the larger vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13 points, or 1.2%, to 1,090.However, the main index rose 8% for the week, its best since the week ended June 23.The capesize index shed 36 points, or about 2.1%, to 1,655.

04 Jul 2023

Baltic Index Hits Multi-week Low on Retreat for Larger Vessels

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The Baltic Exchange's main sea freight index on Tuesday fell to its lowest level in nearly four weeks, pressured by a dip in the larger capesize and panamax vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 24 points, or 2.3%, to 1,044 - its lowest level since June 8. The capesize index dipped 50 points, or 3%, to 1,601, declining for the seventh straight session. Average daily earnings for capesizes…

30 Jun 2023

Baltic Dry Index Slides to Worst Week in Four

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The Baltic exchange's main sea freight index recorded its worst week in four on Friday dragged by a retreat across vessel segments, but a brief bounce in the larger capesize segment last week helped the index notch up a monthly gain.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 21 points, or 1.9%, to 1,091.The main index tracking rates for ships ferrying dry bulk commodities shed about 12% for the week, its worst since June 2…

28 Jun 2023

China's Coal Seaborne Imports Surge 73%

“Despite China’s strategy of pursuing increased domestic coal production, which has meant that year-to-date production stands 5.8% higher than last year, its seaborne imports of coal have nevertheless surged 73% y/y so far,” said Niels Rasmussen, Chief Shipping Analyst at BIMCO.The Chinese government target for domestic coal production is 4.6 billion tonnes in 2025, which is 2.5% higher than in 2022. As production year-to-date has already increased by 5.8% compared to 2022, Chinese…

27 Jun 2023

Baltic Index Extends Losses as Demand for Larger Vessels Wanes

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The Baltic Exchange's main sea freight index recorded its biggest daily percentage decline in nearly a month on Tuesday as demand for larger vessels weakened.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 50 points, or 4.1%, to 1,183 — its biggest dip since June 1.The capesize index dipped 138 points, or 6.7%, to 1,937.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal…