Handysize bulker owner Pioneer Marine is placing an unspecified portion of its fleet for commercial operation with Denmark’s BaltNav.
Scorpio Bulkers has started buying again scooping up six ultramaxes from Golden Ocean for $142.5m.
The writing is on the charts and it doesn't look good for the dry bulk market. Newbuild ordering in just the two and a half months or so of the second half of the year is already almost double the figure for the entire first half of 2017.
Leading ship finance executives see China’s massive One Belt One Road (OBOR) as very positive for shipping.
The Baltic Dry Index (BDI) has reached a 34-months high at 1,355 on Monday before suffering slight drops during the week. The three year high was met early on last Friday, 8 September 2017, at 1,332 points, driven by the seasonal high period of coal and iron ore trade from increased construction activities in China.
After a see-sawing session, the Baltic Dry Index (BDI) is once again poised to recapture its former height last seen in March 2017. By Wednesday, the BDI recorded at 1,250 points just 138 points shy of previous peak at 1,388 reading posted on 29 March 2017.
Like Hokusai’s Great Wave, the freight market has its ups and downs, and this week we are seeing a downside – perhaps before another upsurge. As such, the Baltic Dry Index (BDI) fully captured the market sentiment and fell to 1,222 points on Wednesday after hitting a four-month peak reading of 1,266 on Monday.