The Baltic Dry Index (BDI) can no longer accurately reflect how the dry bulk shipping market is performing, according to a latest analysis report by Bimco.
Denmark’s J. Lauritzen has removed 15 bulk carriers from its fleet amid a weak shipping market marked by low freight rates across all dry bulk vessel sizes.
Jinhui Shipping and Transportation (Jinhui Shipping) has terminated a deal to purchase a supramax bulk carrier from Greece’s Chartworld Shipping Corporation due to late delivery by the Greek shipowner.
Star Bulk Carriers is continuing to expand acquiring the fleet of 11 vessels owned by Delphin Shipping LLC for $139.5m in a cash and equity deal.
An increasing number of capesize newbuilding deliveries is posing a serious threat to the already fragile market balance, even as demolition rates have increased, according to a latest analysis by Bimco.
Scorpio Bulkers has announced a sell and leaseback deal involving six ultramax vessels with China’s Avic International Leasing.
Capesize rates have continued to be depressed by lack of physical activities this week. However, the paper market for capesize index managed to turn positive for the first time on Monday since late February 2019.