Baltic Exchange Dry Index 3452 DOWN 66
BCI Baltic Exchange Capesize Index 6354 DOWN 28
BPI Baltic Exchange Panamax Index 2615 DOWN 157
BSI Baltic Exchange Supramax Index 1758 DOWN 23
BHSI Baltic Exchange Handysize Index 850 DOWN 14
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Handymax Bulk Carrier “Emerald” 1998 – 45.588 dwt (Excel Maritime Carriers Ltd, Greece / Listed USA)
25.03.09 - departing from Miraflores Lock, Panama Canal.
Photo: © Bengt-Rune Inberg, Skärhamn, Sweden
10/6 2009 16:37 fcras 0
13323 The capesize index slide has all but been arrested but there is still scant work for the larger tonnage.
Panamax rates continue to be relatively stable although they did come off a bit on Wednesday.
Panamaxes
Cosco booked a front haul with the 74,400-dwt Amira (built 2001) at $30,000 a day while a roundtrip in the Atlantic cost PCL $24,250 daily with the 76,700-dwt Good Hope Max (built 2005).
There was quite an appetite in the Far East for Australian cargos with both Grand China and Oldendorff booking straight China-Australia roundtrips. The former paid $21,500 a day for the 76,500-dwt Mulberry Wilton (built 2004) with the latter spending $20,000 on the 83,000-dwt Bulk Japan (built 2006).
Kambara is running the 76,700-dwt Lady Maria Luisa (built 2007) on a similar route but back to Japan at $23,000 while the 77,100-dwt Christina (built 2007) will set out from Taiwan and come back to somewhere in the Far East for $22,750 a day.
The 73,200-dwt Dimitris L (built 2001) will run from Southeast Asia to Australia and Taiwan for China Steel Express at $21,500.
It wasn’t all in the one direction, however, as the 74,200-dwt Torm Anholt (built 2004) will set out from China to India via Australia at $20,000.
Jaldhi paid the same day rate for a trip from Australia to India with the 76,600-dwt Marinicki (built 2005) but also had to front a ballast bonus of $420,000.
But coming from India to China set Solebay back $25,000 a day with the 73,700-dwt Great Ambition (built 1999).
In the period market Cosco picked up the 69,200-dwt Guo Dian 6 (built 1993) for four to six months at $16,000.
Supramaxes
Eastern Ocean has the 55,500-dwt Aston Trader 1 (built 2008) for the same period at $16,500 daily.
Most time charter rates were flat but $23,000 a day was still good for the 52,100-dwt Vassiliki F (built 2004) to get for a trip from the southern Atlantic to the Far East.
Armada has the 52,500-dwt Sea Lantana (built 2004) from Southeast Asia to Australia and China at $17,000 and the 56,000-dwt Nemtas-4 (built 2005) will run from India to China at $19,500.
By Eoin O'Cinneide in London
Published: 12:48 GMT, 10 Jun 2009 | last updated: 12:48 GMT, 10 Jun 2009
Panamax rates continue to be relatively stable although they did come off a bit on Wednesday.
Panamaxes
Cosco booked a front haul with the 74,400-dwt Amira (built 2001) at $30,000 a day while a roundtrip in the Atlantic cost PCL $24,250 daily with the 76,700-dwt Good Hope Max (built 2005).
There was quite an appetite in the Far East for Australian cargos with both Grand China and Oldendorff booking straight China-Australia roundtrips. The former paid $21,500 a day for the 76,500-dwt Mulberry Wilton (built 2004) with the latter spending $20,000 on the 83,000-dwt Bulk Japan (built 2006).
Kambara is running the 76,700-dwt Lady Maria Luisa (built 2007) on a similar route but back to Japan at $23,000 while the 77,100-dwt Christina (built 2007) will set out from Taiwan and come back to somewhere in the Far East for $22,750 a day.
The 73,200-dwt Dimitris L (built 2001) will run from Southeast Asia to Australia and Taiwan for China Steel Express at $21,500.
It wasn’t all in the one direction, however, as the 74,200-dwt Torm Anholt (built 2004) will set out from China to India via Australia at $20,000.
Jaldhi paid the same day rate for a trip from Australia to India with the 76,600-dwt Marinicki (built 2005) but also had to front a ballast bonus of $420,000.
But coming from India to China set Solebay back $25,000 a day with the 73,700-dwt Great Ambition (built 1999).
In the period market Cosco picked up the 69,200-dwt Guo Dian 6 (built 1993) for four to six months at $16,000.
Supramaxes
Eastern Ocean has the 55,500-dwt Aston Trader 1 (built 2008) for the same period at $16,500 daily.
Most time charter rates were flat but $23,000 a day was still good for the 52,100-dwt Vassiliki F (built 2004) to get for a trip from the southern Atlantic to the Far East.
Armada has the 52,500-dwt Sea Lantana (built 2004) from Southeast Asia to Australia and China at $17,000 and the 56,000-dwt Nemtas-4 (built 2005) will run from India to China at $19,500.
By Eoin O'Cinneide in London
Published: 12:48 GMT, 10 Jun 2009 | last updated: 12:48 GMT, 10 Jun 2009
10/6 2009 16:44 fcras 013325 The Tall Ships' Races Baltic - 2009
Organised by Sail Training International:
http://www.sailtraininginternational.org/
Gdynia, Poland - July, 2-5th
The Tall Ships' Races 2009 Host Port website:
http://zagle.miasto.gdynia.pl/en
Saint Petersburg, Russia - July - 11-14th
The Tall Ships' Races 2009 Host Port website:
http://www.tsr2009.ru/en/
Turku, Finland - July, 23-26th
The Tall Ships' Races 2009 Host Port website:
http://www.tallshipsrace.fi/en/
Klaipeda, Lithuania - July, 31st - August, 3rd
The Tall Ships' Races 2009 Host Port website:
http://www.tallships.lt/en/news.html
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"Georg Stage"
10/6 2009 21:44 fcras 013345 10.06.09
http://www.tradewinds.no/webtv/?id=1021
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Capesize ”Channel Alliance” 1996 - 171.978 dwt - Bosporus, Istanbul oct.2008
(Golden Ocean Group, Norway)
Photo: © Ilhan Kermen,Istanbul,Türkiye
11/6 2009 08:28 fcras 013370 :
Wednesday, 10 June 2009 20:30
Up to 50% of the dry bulk newbuilding orderbook will be cancelled or suffer delivery delays in the next three years, says DryShips chairman and chief executive George Economou.
South Korean yards will be hit hardest by cancellations and delays compared to shipbuilders in other Asian countries like China, where some yards have the potential to assist cash-strapped owners.
"In Korea, it's going to be a blood bath," Mr Economou said.
Although owners suffering from financial restrictions could delay or cancel vessels, it was inevitable that some ships would be built and delivered into service.
Last month, classification society Det Norske Veritas estimated that nearly 10% of the 263m dwt of dry bulk orders had already been cancelled.
DryShips itself has cancelled 18 orders for dry bulk newbuildings, which had reduced the company's capital expenditure by $2.1bn, Mr Economou said. Just last week, DryShips forfeited nearly $43m to get out of a commitment to buy a capesize newbuilding.
Carl Steen, head of shipping at Nordea Bank Norge, expected more than 30% of the total newbuildings on order to be cancelled.
"The orderbook will come down big time. I would not be surprised if it is more [than 30%] because the funds are not there."
Reducing capital expenditure was a priority for owners and those in Europe would have to fight the toughest battle to get out of or delay the delivery of vessels, said Clarkson Research Services managing director Martin Stopford.
"The most salient point for the battle going forward is that half of the orders are contracted by European owners. It is going to be a big battle for European shipping," Mr Stopford said. "The obvious point of attach is the orderbook."
If the majority of ships on order were delivered though it would have a dire knock on effect on ship supply.
Paragon Shipping chairman and chief executive Michael Bodouroglou said that by 2013, total vessel supply would reach 663m dwt, 61% above anticipated demand which would 412m dwt.
"We can only imagine the implications of the situation if it materialises," he said.
Of the newbuildings on order, the total finance required to fund their construction over the next three to four years was $300bn, representing a yearly need of $75bn-$100bn, Mr Steen said.
This was made with the assumption that 40% of the global orderbook had already been financed, with total ship finance requirements over the next three to four years possibly reaching $800bn.
http://www.vinamaso.net/news-events/shipping-logistics/50-of-bulker-orderbook-at-risk.html
Wednesday, 10 June 2009 20:30
Up to 50% of the dry bulk newbuilding orderbook will be cancelled or suffer delivery delays in the next three years, says DryShips chairman and chief executive George Economou.
South Korean yards will be hit hardest by cancellations and delays compared to shipbuilders in other Asian countries like China, where some yards have the potential to assist cash-strapped owners.
"In Korea, it's going to be a blood bath," Mr Economou said.
Although owners suffering from financial restrictions could delay or cancel vessels, it was inevitable that some ships would be built and delivered into service.
Last month, classification society Det Norske Veritas estimated that nearly 10% of the 263m dwt of dry bulk orders had already been cancelled.
DryShips itself has cancelled 18 orders for dry bulk newbuildings, which had reduced the company's capital expenditure by $2.1bn, Mr Economou said. Just last week, DryShips forfeited nearly $43m to get out of a commitment to buy a capesize newbuilding.
Carl Steen, head of shipping at Nordea Bank Norge, expected more than 30% of the total newbuildings on order to be cancelled.
"The orderbook will come down big time. I would not be surprised if it is more [than 30%] because the funds are not there."
Reducing capital expenditure was a priority for owners and those in Europe would have to fight the toughest battle to get out of or delay the delivery of vessels, said Clarkson Research Services managing director Martin Stopford.
"The most salient point for the battle going forward is that half of the orders are contracted by European owners. It is going to be a big battle for European shipping," Mr Stopford said. "The obvious point of attach is the orderbook."
If the majority of ships on order were delivered though it would have a dire knock on effect on ship supply.
Paragon Shipping chairman and chief executive Michael Bodouroglou said that by 2013, total vessel supply would reach 663m dwt, 61% above anticipated demand which would 412m dwt.
"We can only imagine the implications of the situation if it materialises," he said.
Of the newbuildings on order, the total finance required to fund their construction over the next three to four years was $300bn, representing a yearly need of $75bn-$100bn, Mr Steen said.
This was made with the assumption that 40% of the global orderbook had already been financed, with total ship finance requirements over the next three to four years possibly reaching $800bn.
http://www.vinamaso.net/news-events/shipping-logistics/50-of-bulker-orderbook-at-risk.html
11/6 2009 08:35 fcras 013371 Wednesday, 10 June 2009 22:33
The dry bulk market is approaching a false horizon and asset values are set to fall before they strengthen any more , industry experts have warned.
Although average capesize rates have surged in recent weeks, the industry remains uncertain about the dry bulk market's short term future, experts said at the Oslo Shipping Forum today.
"Expect the unexpected," said RS Platou managing partner Richard Fulford-Smith. "These things have a habit of unwinding rather unexpectedly."
"We have to restore confidence in the dry bulk industry. This thing will rebound for sure, but it may take a while."
Western bulk chief executive Jens Ismar said that dry bulk asset values had further to fall.
"Downward pressure on asset values will continue and be more when we come off the dry bulk rebound we're on now," Mr Ismar said.
Paragon Shipping chairman and chief executive Michael Bodouroglou agreed that asset values were likely to drop.
However, in the short term the market could improve. DryShips chairman and chief executive George Economou said that dry bulk rates could go up "for the next few weeks".
He added that 2010 could potentially be a "disaster" unless ships were cancelled and did not enter service.
Speakers at the conference agreed that it was hard to forecast a clear picture of where the dry bulk market was heading.
With speculation mounting surrounding the reasons behind China's rapid increase in iron ore imports, reaching 57m tonnes in April and record congestion levels at China's iron ore ports in May, it was hard to predict what would happen next , said Herman Billung, chief executive of Golden Ocean Management.
"When Chinese iron ore imports go up and down by 30m-40m tonnes each month, how can you analyse that properly?"
Although China's trade patterns had been "wobbly", Clarksons Research Services managing director Martin Stopford said he would be surprised if "China does not surge on".
However, annual growth in total global sea trade was expected to fall between 2%-3% this year, potentially into a negative figure of minus 1%, Mr Stopford said.
Other members of the panel were more positive about the future of the dry bulk market.
"The game is absolutely not over for dry bulk," said Golden Ocean Management chief executive Herman Billung.
http://www.vinamaso.net/news-events/shipping-logistics/bulker-values-to-fall-further.html
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Panamax ”Golden Kiji” 2007 - 76.000 dwt (Golden Ocean Group)
03.10.08 - completing discharge of coal from Indonesia at RPD/Bristol
Photo: © Arthur Terry, Portishead, Bristol UK
