Jeremy Penn is to step down as chief of the Baltic Exchange next year.

Average spot capesize freight rates plunged 14.5% on Wednesday as the recent rally in the dry bulk market falters.

Capesize rates jumped 10% on Tuesday as the rebound in the dry bulk market continued.

Losses widened for Precious Shipping in the second quarter with a $12.03m net loss, but boss Khalid Hashim is hopeful on current market rally being sustained.

South Korean bulker owner Samsun Logix has filed for bankruptcy protection for the second time in six years.

The dear old Baltic Dry Index (BDI) advanced to a year’s high of 829 points on Wednesday, beating the four-month average of 576 and encouraging headline writers and analysts alike.

The Baltic Dry Index (BDI) hit a year high of 829 points on Wednesday, and while still at a very low level it there are some signs of a turnaround for the beleaguered dry bulk sector.

Alternative investment firm Uni-Asia Holdings’ strategy of having a fleet of wholly or majority owned bulk carriers providing recurring charter income base is gradually taking shape, as the charter income registered a 30% increase year-on-year to $6.02m.

The now completed Connecticut Maritime Association (CMA) event was famously compared to a giant “scrum”- when it gets busy, as was the case for its entire three days, it is difficult to navigate from one side of the venue to the other. Though given a theme - “Tradition - Celebrating the Best, Improving the Rest”, at any point in time, many diverse programme threads would have been occurring.

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.

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