The Baltic Exchange has outlined changes to its indices reflecting the growth in sizes of vessels.
Riding high on wave of market optimism, freight rates have entered an upwards phase as result of seasonally high demand for steel and iron ore in China. The bullish market is prompting freight market participants to seize the moment and capitalize on the flow of steel production in China.
Freight rates might never be the same – at least as compared to last year’s doldrums - and instead are looking to push to new highs. It may be some way off the “boom-time” highs but the Baltic Dry Index (BDI) pushed past the 1,000-point level, its steepest climb since mid-February 2017.
In an unusual diversification shipping, offshore and logistics company Thoresen Thai Agencies (TTA) is buying Pizza Hut in Thailand.
Golden Ocean has delayed the delivery of 10 newbuildings and agreed price cuts of $15.3m in total.
Pacific Basin Shipping saw its 2016 net loss widen to $86.5m from $18.5m previously as record low dry bulk market conditions significantly undermined its ability to generate satisfactory results and revenue slid 14% to $1.09bn from $1.26bn previously.
Bahri Dry Bulk Company (BDB), a subsidiary of the Bahri Group, and Koninklijke Bunge have formed a joint venture to establish an ocean freight supplier for dry bulk import and export flows in the Middle East.