The capesize market took a hammering throughout the week as the lack of cargoes and tonnage oversupply problem persisted. The under-pressure capesize market pulled the Baltic Dry Index (BDI) to a five-month low at 1,139 points, down 25 points day-on-day at Thursday, 18 January 2018.
Hubline is keeping up the momentum to transform itself with yet another round of fund raising to raise more money to put itself on a better financial footing and for expansion into the bulk cargo segment.
Bimco says that caution will be needed in 2018 to sustain the improvement in shipping markets last year, with China remaining as the driving force of demand.
Dry bulk shipowners are not helping their own cause by a failure to scrap vessels, which will lead to an “extremely volatile” market recovery warns Precious Shipping.
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.
New York-based shipping, trading and finance enterprise Foremost Group has approached China’s Shanghai Waigaoqiao Shipbuilding (SWS) to build two additional 180,000 dwt bulk carriers, adding on to an earlier order placed in June this year.
Taiwan’s Wisdom Marine has aborted a plan to build two new 115,000-dwt aframax tankers at Japan Marine United Corporation.
ESL Shipping has launched its second LNG-fueled handysize bulk carrier from China’s Jinling Shipyard, in line with the company’s move towards green sea transportation.