The Russia-Ukraine war continues to create huge volatility in the charter markets. Capesize spot rates sank about 40% this week with many pointing the finger at disturbing economic data coming out of China that Chinese retail sales, industrial output and investment all slowed last month and failed to match economists’ expectations. This could lead to…
Supramax Commentary CONT/MED/BSEA While the number of visible ultras is slightly on the decline, the large amount of supramaxes available at the Baltic and Continent continues to keep pressure on levels, especially towards early September and so a significant recovery seems unlikely in the short term. The Black and Med Sea are experiencing a bearish…
Supramax Commentary ATLANTIC It was another busy week in the US Gulf with a good number of vessels fixed, adding to the sense that the market has found a floor and especially for the early September loading position. More fronthaul demand has appeared for the first half of September and rates have risen as a…
SUPRAMAX ATLANTIC A large number of vessels were fixed in the US Gulf this week. Despite the significant clear out, it remains to be seen whether there is sufficient demand to improve the fortunes of the vessels that are left. Elsewhere within the Atlantic the tone remained similar to the week before. The availability of…
Who said the S&P Market would be quiet this summer? Diana Shipping Inc. (NYSE: DSX) announced that they have acquired nine modern “Eco” ultramaxes built in Japan between 2015 and 2018 from Sea Trade Holdings Inc. (“Sea Trade”) based in Connecticut. Diana Shipping will acquire the vessels for $330 million en bloc, of which $220…
Supramax ATLANTIC Many of the underlying trends of the previous week continued to apply this week. The Continent and Mediterranean markets continue to struggle due to an ongoing oversupply of ships combined with a consistent lack of demand. The East Coast South America market remains flat. Owners with prompt tonnage in the US Gulf are…
Dry Bulk Shipping publicly traded companies are reporting record second quarter 2022 earnings. Genco Shipping reported $47.6 million in second quarter 2022 profits compared to $32 million in 2021. Eagle Bulk’s net income was $94.5 million Star Bulk’s net income to June 30th was $200 million, compared to $124 mill. in the first 6 months…