The news has sparked supply concerns as closures are expected to hit production by 9% with an estimated 70m tonnes being affected. Iron ore prices have surged to record highs amid supply restrictions and it is not yet clear how long it will take for Vale to be able to return to previous output … [Read more...] about What next for iron ore?
If we break this down further to take in to account each individual sector of the dry bulk fleet, the Post Panamax sector accounts for the highest orderbook to in service vessels percentage, at 24% and in contrast the percentage for the Panamax fleet is just 2%, implying a trend towards the larger … [Read more...] about 2019 Dry Bulk Orderbook Summary
Effective immediately, the actions prevent companies from entering into financial transactions with PDVSA, any purchase of Venezuelan oil by US entities would flow into blocked accounts to be released only to the legitimate leaders of Venezuela. The US, Canada, Brazil, Columbia and a group of major … [Read more...] about How will US sanctions on Venezuela impact tankers?
Whilst this time of year is traditionally slow for dry bulk markets as the far east prepares for Chinese New Year, in the short term the sentiment has been further amplified by news of the tragic dam break at Vale’s Corrego do Feijao iron ore mine in south eastern Brazil which has sparked concerns … [Read more...] about Fall in the BDI- is this more than a seasonal lull? Should we fear for a bad year?
From 1 Jan this year, China’s Maritime Authority has banned the discharge of ‘wash water’ from open loop scrubbers in an attempt to reduce pollution in coastal areas. The ban affects all rivers and ports along China’s coastline and includes the Bohai Sea. This echoes the initiatives of the Maritime … [Read more...] about More countries ban open loop scrubbers
Mexico welcomes new president December 1 marked the inauguration of Mexican president Andrés Manuel López Obrador. Of the many projects that he has promised, a refinery in his home state of Tabasco has already been approved along with a pledged to rehabilitate Mexico’s six refineries within three … [Read more...] about In the news
The sentiment for the short-term also seems to be positive with interest in sale and purchase expected to continue until the end of the year. Dry time-charter rates plunged to the lowest point of the year last week, with the one-year time charter rate for capes in the Atlantic at $14,800/pdpr, a … [Read more...] about Bulk Carrier S&P on the up despite market low point
Do you think that the industry will be ready to meet the 2020 deadline? The industry will rush to meet the deadline, now that they know for certain that there will be no extension. The first step is for companies to create a ship implementation plan because after 1 Jan 2020 owners will not be … [Read more...] about Scrubbers: A shipping executive’s view