Chile’s Compania Sud Americana de Vapores (CSAV) posted a profit of $70.5m in the first quarter of this year. This compares to a net loss of $65.9m recorded by the shipping company in the same quarter of 2014.
Precious Shipping is the latest dry bulk operator to report a loss, as falling Chinese coal imports and tonnage oversupply plague the market.
The Panama Canal recorded an 8% growth dry bulk cargo to 66m long tonnes in the first half of FY15 (October 2014 – March 2015) compared to the same period in FY14.
A short week but not one that anyone will mourn, likewise the month, which draws to an ignominious close with the dry bulk market seemingly no nearer any kind of solid recovery. For paper, some concentrated volatility would have been better than nothing, but we were mostly left wanting.
It may have been April Fool’s Day and the end of Q1 but there was little to laugh about in the freight market. As iron ore sank below $50 a tonne despite some weak attempts at stimulus, the industry returned from CMA in Connecticut to find the market definitely in need of a miracle or two and perhaps some resurrection.
As forecasted, Pacific Basin Shipping posted a $285m 2014 loss on the back of almost flat revenue rises, and charges on chartered-in vessel costs and bunker costs as well as for the disposal of its towage-related business.
China’s Nantong Rainbow Offshore & Engineering has won a deal to build five shallow-draft salt carriers for Mexico’s Exportadora de Sal SA (Essa).
Khalid Hashim, managing director of Precious Shipping, explained the ten unwritten rules of successful dry bulk transport to an audience in Saudi Arabia yesterday.
Capesize spot rates have more than doubled in just over a week after an expected surge in Brazilian iron exports in the fourth quarter, and more gains are forecast.