Tonnage oversupply has dampened the overall freight market outlook this week, especially in the case of the oversupplied capesize market.
Capesize paper market started the week on bearish notes after a slight recovery from the trading near the floor on the previous week. News of US tariffs on steel imports and China’s lower iron ore imports in February certainly did not help the capesize market either and cast more doubts on the market outlook ahead.
Freight rates are raring to go after a long break of the Lunar New Year. With cargo volume returning in the Asia-Pacific and Atlantic capesize market, and strong bids seen in the supramax paper market, the Baltic Dry Index (BDI) has climbed to a three week high on Thursday, 22 February at 1,167, up 21 points at day-on-day basis.
The recent US stock market biggest single trading day drop did not dampened the market sentiment on freight market. Dubbed as “Black Monday” or rather a market correction on 5 Feb 2018 where the Dow Jones Industrial average fell by almost 1,200 point or 4.6% losses, making its largest-ever, single-day point decline on record.
Shipbrokers Howe Robinson Partners are expanding into Norway with a new office in Bergen focusing on dry cargo.
Mitsui OSK Lines (MOL) has inked a five-year bauxite shipping contract with Alufer Mining.
Barge transportation market size is estimated to surpass $170bn by 2024; according to a new research report by Global Market Insights.
Under the weight of coping with a tsunami of regulations, more dry cargo ship owners are turning to Intercargo in record numbers for support.
Pacific Basin Shipping (PacBasin) is seeing better times as the year goes by. Despite a seasonal mid-year decline, which affected index rates in the third quarter, stronger demand growth across most cargo categories drove a marked increase in rates over the last few weeks of the quarter, the Hong Kong-based minor bulks specialist said in a press release on its third quarter update.