Steel Market News

21 Oct 2018

NGO Shipbreaking Platform Slams Gadani Yards

Shipbreaking Workers Union and NTUF jointly organized a protest rally in Gadani against the increase in accidents and the closure of the yards. Pic: NGO Shipbreaking Platform

A tanker caught fire at the Gadani shipbreaking beach that holds a deplorable record of life threatening accidents on 11 October.Fortunately, no casualties were recorded. Only a few days later, on 14 October, yet another oil tanker named KRITI (IMO 9270737) caught fire, this time injuring seven workers, three of which are in a critical condition.The Platform has reported a series of accidents following the catastrophic explosion that killed at least 29 workers and injured 58 on the 1st of November 2016. Since then, there have been at least five more fires caused by unsafe cutting operations.

20 Mar 2018

Baltic Index Hits 1-Month Low

© lexan / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to a one-month low on Tuesday as capesize rates extended their slide to a 11th straight session. The overall index, which also factors in rates for panamax and supramax shipping vessels, was closed down 14 points, or 1.23 percent, at 1,122 points. The index fell for the seventh straight session and hit its lowest since Feb. 20. The capesize index lost 59 points, or 5.04 percent, to end at 1,112 points, its lowest since July 20, 2017.

07 Aug 2017

Baltic Index Rises for Sixth Day Straight

© Sergej Razvodovskij / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for the sixth straight session, helped by higher rates for larger vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 4 points, or 0.39 percent, at 1,036 points. The capesize index increased 18 points, or 1.1 percent, to 1,655 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $176 at $13,139.

04 Aug 2017

Suisun Bay Vessel Removal Project Completed

Maritime Administration Executive Director Joel Szabat joined federal, state and local officials and environmental groups to mark the completion of an agreement to remove 57 non-retention vessels from the Suisun Bay Reserve Fleet (SBRF) by September 30, 2017. The departure of the Cape Borda for recycling reaches the milestone two months ahead of schedule. “Our progress in Suisun Bay is the result of hard work and smart collaboration,” said the Maritime Administration’s Executive Director Joel Szabat. “There is perhaps no greater symbol of the maritime industry’s environmental progress than what has been accomplished here. In 2009, MARAD entered an agreement with local officials and environmental groups to expedite disposal of 57 non-retention SBRF vessels…

28 Mar 2017

Baltic Index Streaks to Highest Level since 2014

© corlaffra / Adobe Stock

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued its gaining streak on Tuesday with a fresh more-than-two-year high, driven by strong demand for large iron ore vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 51 points, or 4 percent, at 1,333 points, its highest level since November 11, 2014. The capesize index climbed 145 points, or 5.5 percent, to 2,765 points, its best since November 25, 2014.

22 Nov 2016

Ken Konrad: A Driven Innovator

Ken Konrad and his wife Kathy decided to diversify from their steel mill operations in the early 1990s and Konrad Marine was born. (Photo: Konrad)

At his core Ken Konrad is an innovator and engineer, looking at problems and seeing solutions. Walk around Konrad’s manufacturing and testing facility for even a short time and it is easy to see that Ken Konrad, owner and president, possesses a sharp intellect and an engineer’s mind, as he clearly revels in sharing insight on business and manufacturing practice that goes in each of his company’s rugged stern drive units. While Konrad has quickly established itself as a quality name in the commercial stern drive sector, it is still a newer business line within the company’s overall scope.

01 Jun 2016

Port of New Orleans Reports Cargo Surge

Photo: Port of New Orleans

More containers moved through the Napoleon Avenue Container Terminal at the Port of New Orleans in March and April 2016 than in any two months in the port’s history. According to figures released this week, 50,974 twenty-foot-equivalent units moved through the Terminal in April, besting the previous monthly record of 48,594 TEUs in March of 2016. The two-month total of 99,568 TEUs is up 6.1 percent, compared to same two months in 2015. Surging container volumes come on the heels of higher overall cargo volumes in 2015.

12 May 2016

China Steel, Iron Ore Slip Deeper into Bear Territory

Chinese steel and iron ore futures fell deeper into bear market territory on Thursday, as the country's exchanges unveiled more measures aimed at dampening the type of speculative trading behind a powerful rally last month. The aggressive steps to limit speculative buying have helped fuel a retreat in raw materials from steel to coal after the mid-April upsurge that inflated volumes and prices to levels that some analysts felt defied fundamentals. On Wednesday, the Dalian Commodity Exchange said it would set a maximum open interest limit for the trading of a single contract in a certain period, excluding business for hedging purposes. The move is aimed at preventing investors from taking excessive positions.

21 Mar 2016

Duluth-Superior Shipping Season Underway

Edwin H. Gott arriving in Port of Duluth-Superior early last year (Photo: Paul Scinocca)

The first two U.S.-flag lakers are on schedule to depart the Port of Duluth-Superior Tuesday, March 22, signaling the start of the 2016 commercial shipping season at this, the farthest inland port on the Great Lakes St. Lawrence Seaway (GLSLS) system. Shortly after 7 a.m., the Edwin H. Gott, is scheduled to move from its winter berth at the Clure Public Marine Terminal – first to fuel, then to depart mid-morning beneath Duluth’s famed Aerial Bridge en route to the CN Dock in Two Harbors to load iron ore pellets. Shortly thereafter, another ship in the Great Lakes Fleet, the Philip R.

13 Nov 2015

Project Cargo and Grain Top Seaway Cargoes in October

With two months left in the shipping season, U.S. ports were busy moving grain and project cargo in October. “We anticipated an increase in vessel activity and cargo tonnage into the Great Lakes Seaway System for the month of October, and we saw it,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. October traditionally signals the initial push to get cargo into and out of the Great Lakes Seaway System before the end of the navigation season. Increases were seen in the number of international ships arriving in the System loaded with project cargo for local manufacturers in Cleveland, Toledo, and Duluth. Those same ships left the Seaway System with shipments of grain and project cargo from Milwaukee, Duluth and Sturgeon Bay, WI.

10 Nov 2015

Port of New Orleans Riding High

Gary LaGrange, president & CEO of the Port of New Orleans, speaks at the 29th Annual State of the Port Address hosted by International Freight Forwarders & Custom Brokers Association of New Orleans (IFFCBANO).

The Port of New Orleans has surpassed the half-million mark for twenty-foot-equivalent units (TEU) handled in a 12-month period for the first time, announced Port President and CEO Gary LaGrange during the 29th Annual State of the Port Address hosted today by the International Freight Forwarders and Customs House Brokers Association of New Orleans. “It’s another milestone that comes on the heels of four record years in a row,” LaGrange said. The most recent 12-month container data through September found the port handled 537,285 TEUs, a 13.6 percent increase over the same period one-year ago.

27 May 2015

Bangladesh at Front of Shipbreaking Activity

Graph: Clarkson Research Services

There has been a firm level of ship demolition activity in the first four months of 2015 and the two largest owner regions, Asia/Pacific and Europe account for 88% of the tonnage sold for recycling, according to the latest review of shipbreaking trend by Clarkson Research. Whilst the Indian Sub-Continent remains the main demolition destination, recent activity has seen Bangladeshi breakers take the lead. This month, by Clarkson Research take a closer look at the country trends behind global demolition.

19 May 2014

DW: Cyclical Steel Ride Continues

Since 1990, steel has been used in the construction of some of the world’s biggest thrill rides but in recent years it is the steel market itself that has seen all the dips and climbs of a high speed rollercoaster. As the global shipping industry went through a major build cycle between 2002-2007 demand for steel plate grew over 350%, placing a significant strain on existing mill capacity and driving prices and profitability higher and higher. However, the inevitable investment…

25 Apr 2014

Antwerp Port off to good start after record year

Port of Antwerp

The port of Antwerp handled 48,166,806 tonnes of freight in the first three months of this year, 2.5% more than in the same period last year. Container freight did well, while ro/ro and liquid bulk also produced good growth figures. The container volume rose once more during the first quarter by 2.1%, to 26,004,571 tonnes. This corresponds to 2,146,392 TEU (up 0.9%). Ro/ro also did well during the past three months, with 1,184,608 tonnes or an increase of 5.8% compared with the first quarter of last year. The number of cars handled for its part rose by 2.5% to 313,436.

15 Oct 2012

Obsolete US Ship Recycling Target Surpassed

U.S. Transportation Secretary visits Suisun Bay in Northern California to celebrate surpassing administration's goal for recycling. Ray LaHood, US Transportation Secretary visited Shuisun Bay for the occasion. In 2010, the Department’s Maritime Administration (MARAD) committed to removing 28 ships from the fleet by September 30, 2012. To date, MARAD has removed 36 ships, with three more vessels scheduled for removal by the end of the year. “Three years ago, the Department of Transportation promised to get rid of the ships that posed a threat to the environment, and I am proud to announce today that we are delivering on that promise,” said Secretary LaHood.

16 May 2008

Conrad Announces 1Q Results

Conrad Industries, Inc. announced its first quarter 2008 results and net new business of $21m, including the signing of contracts for the construction of eight barges and a drydock and cancellation of two barges of a four barge contract previously announced. This brings the current backlog to approximately $102.0 million compared to $96.4 million at March 31, 2008 and $81.7 million at March 31, 2007. For the quarter ended March 31, 2008, Conrad achieved net income of $4.5 million and earnings per diluted share of $0.62 compared to net income of $3.3 million and earnings per diluted share of $0.45 during the first quarter of 2007 and net income of $6.3 million and earnings per diluted share of $0.86 during the fourth quarter of 2008.

04 Dec 2000

SSY Indices Fall

Shipbrokers Simpson, Spence and Young's Pacific Capsize Index fell 401 points in the week ending Monday to 5,618. "The Index is higher than it was a month ago and yet there appears to be a shift from optimism to pessimism by capsize owners," SS&Y said. "Underlying demand has not altered markedly and the supply situation has not altered since spring and while inquiry has generally been light, we feel that owners are slipping into sackcloth and ashes far too soon," SS&Y added. SS&Y's Atlantic Capsize Index fell 138 points in the week ending Monday to 5,699. "Charterers have recently been booking early to avoid the Christmas rush, which has lead to a quiet period," SS&Y said. "Much is now being made of the outlook for the steel market in 2001.

24 Mar 2006

More Ships to Leave Ghost Fleet

Two more ships are leaving the James River, headed for disposal facilities in Virginia and Maryland, in what has become a regular occurrence since the Bush Administration took over management of the nation’s ship disposal program five years ago, the U.S. Maritime Administration announced. The Howard W. Gilmore is scheduled to leave the James River Reserve Fleet at Fort Eustis on Thursday, making it the 50th ship to leave the river since January 1, 2001. It is one of the last World War II-vintage ships still at the fleet, which is good news for the ship disposal program, according to John Jamian, MARAD’s Acting Administrator. In a news conference at the fleet site today, Jamian said, “Our disposal efforts can keep moving to newer ships, which bring better prices in the scrap steel market.

15 Oct 1999

Capesize Rate Jump Driven By Japanese Steel Market

Increased Japanese steel production has driven Booming Capesize rates more than the August market raid by Belgium's Bocimar when it chartered about 35 ships, shipping sources said. Capesize spot rates have doubled over the last three months, with the market now looking for $15-16,000 for a Pacific round trip, compared with about $7,500 in August, brokers said. Atlantic rates have also soared, although partly due to the grounding of the 274,326-dwt ore carrier Weser Ore at Tubarao in Brazil last week. "The whole market has moved on the back of Japanese steel activity," said one shipping broker. "Bocimar has done very well and will be very happy with what it has achieved," the broker said.

11 Oct 1999

Capesize Rate Jump Driven By Japanese Steel Market

Booming Capesize rates have been driven by increased Japanese steel production more than they were by the August market raid by Belgium's Bocimar when it chartered about 35 ships, according to shipping sources. Capesize spot rates have doubled over the last three months with the market now looking for $15-16,000 for a Pacific round trip, compared with about $7,500 in August. Atlantic rates have also soared, although this is partly due to the grounding of the 274,326 dwt ore carrier Weser Ore at Tubarao in Brazil last week.

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