Bulk Carriers News

Danish shipowner Norden says it is focused on expanding its fleet of Capesize bulk carriers. During the first two months of Q2 2024, the company added two new modern Capesize vessels (2021) to its owned fleet, while at the same time capitalizing on the current strong market conditions by divesting an old Capesize vessel (2011).In addition, one MR tanker was chartered in.Henrik Lykkegaard Madsen, Norden's Head of Asset Management, said, “These transactions are part of optimizing our Capesize fleet with modern vessels in line with our climate strategy…

Australia has banned a Cypriot-flagged bulk carrier from entering its ports after inspectors found the vessel to be unseaworthy.The vessel, Peace, is operated by Danaos Shipping, a company which also operates the containership Suez Canal, which was the subject of a prolonged detention by the Australian Maritime Safety Authority (AMSA) in January 2024.AMSA Acting Executive Director Operations Greg Witherall said Danaos Shipping’s failures with the Suez Canal gave the authority…

Capacity reduction on the Panama Canal have hurt dry bulk market, with dry bulk carrier transits down significantly (down 74% in the Q1 '24 vs. '23, with sailing distances up 31% and cargo volume down 25% year on year, according to BIMCO shipping analyst Filipe Gouveia.Low water levels in lake Gatun have caused restrictions in the number of transits through the Panama Canal at a maximum draft level of 13.4m (44 ft). Under typical conditions, between 34 and 38 ships transit the canal per day at draught levels of 15.2m (50 feet). At the start of the year, only 22 daily transits were allowed.

Mitsui O.S.K. Lines (MOL) and its company MOL Drybulk have announced plans to install wind propulsion systems, including Wind Challenger, on a total of seven newbuilding bulk carriers and multi-purpose vessels.The vessels will be operated by MOL Drybulk. With the latest commitment, MOL Group will have a total of nine Wind Challenger-equipped vessels, bringing the total number of vessels equipped with wind propulsion systems to 11.Among the seven vessels to be equipped with wind propulsion systems…

Maris Fiducia Norway has entered into cooperation agreements with maritime technology company HAV Hydrogen and the hydrogen producer and distributor Norwegian Hydrogen with the objective of developing, building and operating hydrogen-powered dry-bulk vessels in Europe.The vessels are being designed by the Dutch ship designer Ankerbeer. Upon successful completion of the project, the vessels will go on hire through a zero-emission time charter agreement with Schulte & Bruns, establishing a commercial operation for vessels operating on hydrogen fuel…

The Baltic Exchange's dry bulk sea freight index extended its rally on Tuesday to hit its highest in more than six weeks, supported by a jump in the large vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 207 points, or 11.03%, to 2,083, touching its highest level since March 25."The dry bulk market has continued to outperform expectations...

Traffic was suspended in Turkey's Bosphorus on Tuesday after a bulk carrier had an engine failure at the southern end of the straits that run through Istanbul, shipping agent Tribeca said.It said that the Liberian-flagged bulk carrier Alexis suffered the engine failure at 5 a.m. (0200 GMT) and that vessels were sent to the area for a likely salvage operation.(Reuters - Reporting by Daren Butler; Editing by Jonathan Spicer)

The Baltic Exchange's dry bulk sea freight index edged up on Wednesday, buoyed by an uptick in capesize and panamax vessel rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, ticked up to 1,683.The capesize index gained 16 points, or 0.8% to 2,116.

The evolving environmental, social and governance (ESG) agenda is a roadmap for thriving amidst challenges and securing sustainable success, says The International Association of Dry Cargo Shipowners (INTERCARGO) on publishing its first ESG Review.Kostas Gkonis, INTERCARGO Secretary General advised that a forward-looking attitude is certainly required when addressing key aspects shaping the future of maritime operations and the dry bulk shipping sector more particularly. “Dry bulk shipping should embrace the ESG agenda as a catalyst for innovation…

The Baltic Exchange's dry bulk sea freight index fell on Monday, hurt by weaker demand across all vessel segments, with rates for capesize vessels hitting its lowest level in nearly three months.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 37 points, or 2.2%, to 1,684. The index was down for the sixth consecutive session.The capesize index shed 92 points, or 4.2%, to 2,080, marking its lowest level since Feb.

BIMCO has released its Dry Bulk Shipping Market Overview & Outlook for April 2024, predicting that the supply/demand balance should strengthen in 2024, but weaken in 2025.This would be the result of ships returning to the Red Sea and Panama Canal, shortening sailing distances.Supply is forecast to grow 2.5% in 2024 and 2.0% in 2025. Growth is slowing due to lower deliveries, reports, Niels Rasmussen, BIMCO’s Chief Shipping Analyst.The fleet is expected to grow 4.9% between end 2023 and end 2025, the slowest it has grown since 2016. Ship recycling is expected to stay low.

The first commercial vessel transited through a newly opened channel in the Port of Baltimore following the deadly collapse of the Francis Scott Key Bridge.The Fort McHenry Limited Access Channel (LAC) was opened as a temporary solution to provide passage for a limited number of commercial vessels into the Port of Baltimore and a departure opportunity for some deep draft vessels currently unable to leave the harbor since the bridge collapse.The channel—the fourth to be opened…

In the first quarter of 2024, global iron ore shipments rose 3.8% y/y on expectation of strong Chinese steel production which, however, failed to materialise. Iron ore supply has grown faster than Chinese demand which could lead to weaker shipments ahead, says Filipe Gouveia, Shipping Analyst at BIMCO.During the start of the year, Brazilian iron ore shipments typically slow down due to mining disruptions caused by heavy rainfall. However, this year conditions were better and Vale…

Greek shipping company Carras (Hellas) has received the ABS Biofuel-1 notation for its Aquataurus ultramax bulk carrier, the first vessel in the world to qualify.The notation is assigned to vessels that use a biofuel blend of up to and including 30% biofuel in compliance with IMO and ABS requirements.Biofuels are liquid hydrocarbon fuels with similar composition and properties to fuel oil, but they are produced from renewable sources such as crops, agricultural and forestry waste…

Belships announced has expanded its newbuild program with two new 64,000 dwt Ultramax bulk carriers scheduled for delivery in 2028.The Norwegian-based company now has a total of 10 newbuilds under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are leased on time charter for a period of 7 to 10 years from delivery, with purchase options around current market levels. There is no obligation to purchase any of the vessels. Cash breakeven for the vessels upon delivery is about $14…

Australia's BHP Group is planning to receive its first ammonia-fueled bulk carrier in 2026 as part of the company's plans to cut shipping emissions, a senior executive said.The global mining giant has shortlisted eight companies for the building, operation and fuel supply for at least one such vessel, Rashpal Singh Bhatti, vice president of maritime and supply chain excellence at BHP told Reuters late last week.However, it has not yet decided on the total number of vessels that it will order and is also assessing costs…

Global industry leaders from North America, Asia and Europe have announced the formation of the North Pacific Green Corridor Consortium (NPGCC) whose members and partners will work together to decarbonize the value chain for commodities between North America and Asia.The NPGCC will apply its collective expertise to develop a corridor for the decarbonized transportation of multiple commodities, including agricultural products, metal concentrates and steelmaking coal.The members of the NPGCC are committed to establishing the consortium as a catalyst for decarbonization efforts…

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a fourteenth consecutive session on Tuesday as rates for the larger vessel segments slipped.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 24 points, or 1.5%, to 1,570 points, its lowest level in two months.The capesize index dipped by 45 points, or 2.1%, to over a two-month trough at 2,153.Average daily earnings for capesize vessels…

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

Gearbulk announced it has signed a contract for delivery of up to four ammonia/methanol-ready, 82,300 dwt open hatch newbuildings. The contract is firm for two vessels, with an option to purchase a further two.The Swiss-headquartered company said it has secured financing for the vessels, and CSSC Huangpu Wenchong Longxue shipyard will deliver the first two vessels in the first half of 2027.“This contract for four newbuildings marks a significant milestone for Gearbulk as these vessels are set to be the largest and most efficient in the company’s history…

The Baltic Exchange's dry bulk sea freight index fell on Friday to log its third straight weekly decline, weighed down by a dip in rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 41 points or 2.5% to 1,628 points, its lowest level in seven weeks.The index was down over 10% for the week.The capesize index was down by 80 points, or 3.4%, at 2,274. It logged a weekly rise of over 13%.Average daily earnings for capesize vessels…

The International Association of Dry Cargo Shipowners (INTERCARGO) and RightShip have launched the Dry Bulk Centre of Excellence (DBCE), an independent, not-for-profit industry organisation dedicated to the administration of the Dry Bulk Management Standard (DryBMS) framework.DryBMS was developed by INTERCARGO and RightShip, with input from experts and stakeholders across the sector, as an industry tool to raise standards and best practices across safety, security, environmental performance, and social welfare in the dry shipping sector.

Shipments of iron ore on the Great Lakes totaled 1.6 million tons in March, an increase of 25.5% compared to 2023, according to latest figures published by trade group the Lake Carriers’ Association (LCA). Loadings also topped the month’s 5-year average by 47.5%.  Year-to-date the iron ore trade stands at 4.4 million tons, an increase of 16.8% compared to a year ago. Iron ore shipments are 31.9% above their 5-year average for the first three months of the year.