Bulk Vessel Newbuild Contracting Fades to Black
“During the first two months of 2025, bulker newbuilding contracting dropped 92% y/y to the lowest level in at least 30 years. While contracting in January was low, no new ships were ordered in February. Weak freight rates, high newbuilding prices, long lead times and uncertainty are likely discouraging contracting,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO.Dry bulk contracting has been slowing since the second half of 2024. During this period, second hand prices for five-year-old ships fell by 12%, impacted by weakening freight rates, whereas newbuilding prices only dropped 1%.
Bulk Carrier Aground in Philadelphia
The U.S. Coast Guard is responding to the grounding of the 623-foot bulk carrier Algoma Verity approximately a mile north of the Benjamin Franklin Bridge in the Delaware River.At 6:30 p.m., Wednesday, Coast Guard Sector Delaware Bay watchstanders received a report from the pilot aboard the Algoma Verity stating the vessel had run aground. No injuries or pollution have been reported.The vessel was northbound with a cargo of approximately 45,000 tons of solar salt when the incident occurred.Watchstanders deployed a Station Philadelphia 29-foot Response Boat-Small crew to the area.As of 8 a.m.…
Baltic Index sees Fourth Consecutive Weekly Loss
The Baltic Exchange's dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, recorded its fourth consecutive weekly decline on Friday, dragged down by losses across all vessel segments for the week.The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 4 points to 1,051 points on Friday, its lowest since late July 2023. The index was down about 10% for the week.The panamax index fell 26 points to 995 points. The index also posted a weekly loss. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased $231 to $8,955.The capesize index logged its fourth straight weekly loss despite gaining 11 points to 1,263 points on Friday.
BIMCO's Shipping Number of the Week
Dry bulk contracting falls 70% below average amid low rates.“Over the past three months, dry bulk newbuilding contracting has been 70% below the yearly average. Declining freight rates in recent months, a cloudy outlook and high newbuilding prices contributed to the slowdown, and contracting in 2024 will likely fall short of 2023 levels,” says Filipe Gouveia, Shipping Analyst at BIMCO.Driven by healthy demand, the dry bulk market was strong throughout most of the first three quarters of 2024. However, in recent months, weaker Chinese import demand paired with a recovery in Panama Canal transits has impacted freight rates negatively.
McKeil Marine Chooses Thordon Bearings for Bulker Refit
Thordon Bearings has delivered COMPAC water-lubricated propeller shaft and SXL rudder bearings to replace oil- and grease- lubricated bearings onboard McKeil Marine’s bulk carrier Northern Venture as part of a major refurbishment project.Established in 1956, Canada-based McKeil Marine provides marine transportation along the St. Lawrence Seaway, the East Coast, and Canadian Arctic with its diversified fleet of tugs, barges, workboats and vessels, including bunkers, cement carriers, and tankers.The shipowner acquired the 155m (508.5ft), 19,651dwt Northern Venture in 2022.
Lakes November Limestone Trade Down 4.9 PCT
The Lake Carriers' Association (LCA) on Wednesday reported that shipments of limestone on the Great Lakes totaled nearly 3 million tons in November, a decrease of 4.9 percent compared to a year ago. Limestone cargos were a mere 8,340 tons below the month’s 5-year average.Loadings from U.S. quarries decreased 4.5 percent from 2023 to 2.5 million tons. Shipments from Canadian quarries totaled 498,801 tons, a decrease of 7.1 percent.Year-to-date the limestone trade stands at 27.1 million tons, a decrease of 1.1 percent compared to a year ago.
Wheat Export Tariffs Likely to Slow Shipments from Russia
“Between January and November 2024, Russian seaborne dry bulk exports have decreased 5% y/y, driven by a 10% y/y decrease in coal shipments. The price competitiveness of Russian coal has deteriorated, compared to Mongolian, Indonesian and Australian cargoes, and a gradual increase in exports over land to China has also contributed to this decline,” says Filipe Gouveia, Shipping Analyst at BIMCO.So far this year, wheat and fertilizer shipments from Russia rose 6% and 7% y/y respectively.
Officer’s Death Highlights Dangers of Vertical Recoil of Mooring Lines
The UK Marine Accident Investigation Branch has published its investigation report into the mooring deck accident on the bulk carrier Mona Manx that resulted in one death.The incident occurred on August 26, 2021. The second officer (2/O) of the Isle of Man registered bulk carrier Mona Manx was fatally injured when he was struck by a recoiling mooring line while the vessel was berthing at Puerto Ventanas, Chile. The line had become entrapped between the vessel and the berth, probably in way of a fender…
Key Bulk Vessels Index Down 10% Despite Freight Rate Rebound
“The Baltic Dry Index (BDI) has recovered since the start of November due to stronger capesize freight rates, but the index is still down 10% y/y. The capesize market has benefited from a 1% increase in shipments so far in November compared to October 2024 and November 2023. However, the increase has not been enough to recover to the highs seen during the first three quarters of 2024,” says Filipe Gouveia, Shipping Analyst at BIMCO.On November 19, 2024, the BDI reached 1,627 points, up from 1,374 on 4 November.
Pilotage Concerns Raised After Near Grounding in Great Barrier Reef
A bulk carrier came within 200 m of grounding in the Great Barrier Reef after a GPS unit onboard the ship began providing false information to the pilot and crew on board, an ATSB final report details.The near grounding occurred early on the morning of May 4, 2022, when the 225m bulk carrier Rosco Poplar was transiting Hydrographers Passage under the conduct of a coastal pilot.Unknown to the pilot and crew, one of the ship’s three GPS units began outputting incorrect positional data during the early stages of the pilotage…
Kongsberg Maritime Unveils Fuel Efficient Bulker Design
Kongsberg Maritime has unveiled a new 'Super-Efficient Bulker' vessel design concept.Designed with Deltamarin, the vessel promises fuel cost savings between 40-50% depending on the operational profile.Kongsberg Maritime selected a Kamsarmax bulker of 82,000 DWT, a common vessel size globally, as the basis for the new design. The Kamsarmax represents a versatile choice as this vessel type often faces restrictions with the global availability of low-carbon fuels, making it an ideal…
Ukraine's Kernel Buys Bulk Carrier to Boost Grain Exports
Ukrainian agricultural group Kernel has expanded its sea fleet and can now export 100,000 metric tons of grain per month by ship, it said on Thursday.Ukraine usually exports 95% of its farm exports via Black Sea ports and Ukraine's own ships can ensure exports even in the face of military dangers associated with Russia's invasion of Ukraine.Kernel, the leading Ukrainian sunoil exporter, has purchased the Rotterdam Pearl V vessel, which can transport 50,000 tons of grain, it posted on Facebook.The company said its fleet had been transporting Ukrainian exports to the Mediterranean and North-East
