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Wednesday, May 27, 2020

Baltic Exchange Capesize Index News

©  Mike Mareen / Adobe Stock

Capesize Index Turns Negative for the First Time Ever

Capesize index plummets to -133, the first time ever in negative territory – is it all up from here?The Baltic Exchange Capesize Index (BCI) dropped to -133 index points on February 4, 2020, turning negative for the first time ever on January 31, 2020. The composite BDI index (BDI), which has excluded the more stable handysize segment since March 2018, also dropped on February 4, 2020 to settle at 453 index points.The BCI has been on a freefall through the entirety of December, but the descent started to pick up more steam during the past couple of weeks.

Pic: Seanergy Maritime Holdings

Seanergy Maritime in Leaseback, Refinancing Pact with Cargill

The dry bulk cargo shipping company Seanergy Maritime Holdings announced has successfully concluded the refinancing of the 2011-built Capesize M/V Championship through a leasing agreement with Cargill International.The Nasdaq listed shipping company based in Greece informed that the refinancing has released approximately $7.8 million of liquidity for the Company.Pursuant to the agreement, the Company has chartered back the Vessel on a bareboat basis and subsequently entered it…

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer / CREDIT: Seanergy

Seanergy Maritime to Install Scrubbers on its Capesize Fleet

Seanergy Maritime Holdings Corp. announced that it has entered into commercial agreements for the installation of exhaust gas cleaning systems (scrubbers) on five of its capesize bulk carriers before the January 1, 2020 implementation date of the IMO sulfur emission cap regulations.Upon completion of the installations scheduled for Q2 and Q3 2019, the vessels will commence index linked period employment with three leading dry-bulk charterers ranging in durations between three and five years.Stamatis Tsantanis…