This week began with a blast as the Baltic Dry Index (BDI) reached a three-year high to 1,503 points on Monday before plunging down toward the 1,429 by mid-week. The short-lived joy reminisced a last summer hurrah as freight rates made the final cavalry charge just before China’s Golden holiday from 1 – 8 October, where rates are likely to lie low throughout.
In a week dotted by various countries’ public holidays, the freight market found it hard to bounce back and witnessed further declines across the sectors.
Qatar’s Milaha has set its sights on small and medium sized businesses with the launch of a door-to-door shipping service between Qatar and UAE.
The dry bulk market was deemed to be in recovery but caution was still needed going forward especially in terms of newbuilding orders. This seemed to be the consensus of a panel of experts in the dry bulk industry at the Marine Money 10th Hong Kong Ship Finance Forum.
Minor bulks specialist Pacific Basin Shipping said in its first quarter trading update that it achieved average handysize and supramax daily TCE earnings of $7,460 and $8,030 per day net respectively.
Intercargo has called for a quick and thorough investigation of the causes of the sinking of the VLOC Stellar Daisy that has left 22 seafarers missing.
Abu Dhabi Ship Building PJSC (ADSB) says its new floating dock has allowed the company to venture into new industry sectors.
After a week-long break, the Chinese participants swapped their baijiu for business suits and ties and came back to the trading floors and with their return brought the prospect of a post-Golden week market uptick.
The Lumut Maritime Terminal (LMT), which is owned by Perak Corp and Malaysian utility provider Tenaga Nasional, plans to build a new port on the shores of Sungai Dinding near Sitiawan, ceo Mubarak Ali Gulam Rasul was reported by local media as saying.
The dry bulk shipping market needs to restructure before making a real recovery in 2018.