Handysize 38kt Time Charter Average FFA is 'Perfect Timing'
Forward freight agreement (FFA) trades for a basket of 38,000-dwt handysize time charter rates will help operators take longer-term cover with less risk, says shipbroker Simpson Spence Young.Following an ever-strengthening charter market, SGX have confirmed a launch date for the new offering as April 19, 2021, with EEX aiming for early May pending regulatory approval. Both exchanges are keen to promote clearing of the new contract.The handysize futures market was previously based on the Baltic Exchange's old 28…
Castor Maritime Buys Kamsarmax Dry Bulk Carrier for $14.8M
Dry bulk shipping firm Castor Maritime has struck a deal to buy a 2010 Korean-built Kamsarmax dry bulk carrier from an unaffiliated third-party for $14.8 million. It did not reveal the identity of the seller.The acquisition is expected to be consummated by taking delivery of the vessel sometime in the end of the first quarter or beginning of the second quarter of this year and is subject to the satisfaction of certain customary closing conditions. Castor Maritime said.Petros Panagiotidis…
Capesize Pick-Up Propels Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, registered its first gain in 10 sessions on Friday, buoyed by higher rates for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 5 points, or 0.45 percent, to 1,122 points but was down 1.8 percent for the week. The capesize index gained 28 points, or 2.48 percent, to 1,157 points. "It's a very tight market, so just a few incremental cargoes will prop up rates.
Baltic Index Inches Up On Increased Capesize Activity
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, crept higher on Wednesday on firmer capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, inched up 2 points, or 0.18 percent, to end at 1,097 points. "Following seasonal weakness in the dry bulk sector resulting from the Chinese New Year, we believe the outlook for the dry bulk shipping market is both clear and bright," analysts at Jefferies said in a note on Tuesday. The analysts noted "...
'K' Line to Shrink Container Fleet
Japan's third-biggest shipping company Kawasaki Kisen Kaisha ('K' Line) plans to beef up its LNG and bulker vessels over the next four years, while downsizing its container shipping fleet. The group plans to reduce its fleet of container ships from 70 to 61; however, the TEU capacity will increase with the sale and scrapping of the smaller ships, and the introduction of 10 14,000 TEU boxships currently on order. It also has revealed a new five-year plan to raise profit to more than JPY 60bn ($500.58m) as it readies a big new bond issue. The company has registered to issue bonds worth JPY 100bn in a shelf filing valid for two years. The dry bulk carrier fleet will increase from 218 to 239 by 2019, as the group plans for this sector to bring 50% of all the revenue.
Bulk Carrier Fleet Poised for Growth
A new report, released by Lloyd’s Register - Fairplay Research, predicts that the world’s dry bulk carrier fleet will continue to show strong growth over the next five years, spurred largely by surging demand for iron ore and metallurgical coal to feed China’s undiminished appetite for steel production. The monthly Shipbuilding Market Forecast for September examines the dry bulk and general cargo ship sectors. It provides a review of the global business environment demand for seagoing transport, market conditions and capacity utilization for these classes of vessels, and gives a detailed five-year shipbuilding forecast, including new orders, deliveries and demolitions.
