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Wednesday, May 22, 2019

Bulk Carrier Market News

BIMCO: "Continued Pressure" for Bulkers

Demolition of dry bulk ships in the first four months of 2019 was 120% higher than in the same period of 2018. Much of this increase comes from demolitions of Capesize ships, up from 1.1m DWT between January and April 2018 to reach 3.4m DWT in the first four months of 2019.Despite the increasing in scrapping, the bulk carrier market, particularly on the large ship side, will remain under pressure for a number of reasons, starting with stagnant demand, from the short term shock and impact of the dam collapse in Brazil and bad weather in Australia…

Photo: © martinfredy/Adobe Stock

Bulkers to Benefit as China Iron Ore Appetite Grows

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

Photo: IRI

IRI Holds Maritime Services Group Meeting

International Registries, Inc. and its affiliates (IRI) recently held its triannual Maritime Services Group (MSG) meeting, where personnel from many of IRI's 27 worldwide offices gathered to discuss the successes of the previous year and the goals and challenges of the year ahead for the Republic of the Marshall Islands (RMI) Registry. In the last year, the RMI Maritime Registry grew to over 128 million gross tons. John Ramage, Chief Operating Officer (COO), discussed the projected fleet growth in the coming years and marked 2016 as the year of innovation for the RMI Registry.

Image: NYK Line India

NYK Line Posts Loss on Dry Bulk Fleet Revaluation

Japan's Nippon Yusen Kaisha (NYK) has posted a $277.5mln extraordinary loss in the third quarter of year ended 31 March 2016 as it reduced the book value of its fleet inline with current market prices and expectations. The extraordinary loss came after it re-assessed the recoverable value of its dry bulk vessels. In the global shipping industry, an oversupply in the container shipping market continued due to ongoing steady production of new ultra-large vessels, and freight rates in the shipping market fell to very low levels as a result of a widening gap between supply and demand.

IS TRI-STAR Bulk Ship: Image credit Imabari Shipbuilding

New Bulker Design Introduced by Imabari Shipbuilding

Japan's Imabari Shipbuilding Co., Ltd. introduce a new class of 33,000 dwt bulk carrier designated 'IS' TRI-STAR. The shipbuilders say that its share of the handy-size bulk carrier market is ranked among the highest in the world. Since 2010, over 30 vessels of the "IS" BARI-STAR, 38,000 dwt-type bulk carrier have been delivered, and over 200 vessels of  the 28,000 dwt-type have been delivered since 1990. However, to satisfy customer demand they have decided to launch their newly developed 33,000 dwt- type bulk carrier –  "IS" TRI-STAR into the handy-size bulk carrier market.

ABS President And CEO, Christopher J. Wiernicki. Photo: ABS

ABS Reports Continued Growth in 2012

ABS hosted its Annual Meeting in New York on April 23, 2013. ABS Chairman, Robert D. In 2012, the ABS-classed fleet reached 193.5 million gross tons, a growth rate of more than 4% year-on-year. ABS also maintained its leading position in the global orderbook with 21% of all vessels on order designated for ABS class. With nearly 70% of all vessels aged ten years or less, ABS has one of the youngest fleets showing a strong foundation for a successful future of the organization.