The Baltic Exchange’s dry bulk sea freight index surged to its highest level in over two weeks on Thursday, driven by robust rates in all vessel categories. The capesize index soared to 1,846, while the panamax index reached 1,372. Iron ore futures dipped slightly, but strong demand for steelmaking ingredients supported prices.
Mitsui O.S.K. Lines, Ltd. and the Maritime and Port Authority of Singapore have signed a comprehensive MoU to collaborate on decarbonisation, digitalisation, and human resources development in the maritime industry. The partnership aims to reduce carbon emissions, enhance efficiency, and drive innovation in various fields to create a sustainable and decarbonised society.
Investors remain optimistic about the dry bulk market, with strong activity in newbuilding and second-hand transactions continuing in the third quarter of 2024. Plamen Natzkoff from MSI observes a slight softening in newbuild prices and vessel earnings, hinting at a potential shift in the second-hand market.
The dry cargo shipping sector is on an upward trajectory, as shown by the Baltic Dry Index and interest from financial institutions like Deutsche Bank. The Capesize segment is particularly strong, with significant price increases suggesting a potential industry turnaround. Star Bulk and Genco are leading the way with strategic financial approaches and a focus on shareholder rewards. Investors are taking notice of the positive developments in this sector.
Seanergy Maritime Holdings Corp. has announced the delivery of the capesize vessel, m/v Iconship, on a time charter with Costamare Bulkers Inc. The vessel acquisition was financed using cash and a sale and leaseback agreement. Another vessel, m/v Lordship, has also been fixed on a time charter with Costamare. CEO Stamatis Tsantanis expressed satisfaction with the new additions and strategic focus on capesize vessels.
Star Bulk Carriers Corp. has completed its merger with Eagle Bulk Shipping Inc., making it the largest U.S. publicly traded dry bulk shipping company. The combined fleet now consists of 163 vessels with a total capacity of 15.6 million dwt. Shareholders received 2.6211 shares of Star Bulk stock for each Eagle share.
In January 2024, DNV partnered with SDTR Marine for an Onboard Carbon Capture and Storage feasibility study on a kamsarmax bulk carrier. The collaboration focused on evaluating the economic viability of OCCS implementation to reduce carbon emissions and align with decarbonisation mandates in the shipping industry.
