Baltic Exchange’s Dry Bulk Sea Freight Index Rises to One Month High with Capesize index Up 50% This Week.

The Baltic Exchange’s dry bulk sea freight index was lower this week hampered by the Lunar New Year holiday through Asia. The BDI was already hampered by downward pressure on rates from weak shipping demand. China’s crude steel production according to the World Steel Association, output for 2021 fell for the first time in six years. China is the world’s largest consumer of iron ore. Its iron ore imports fell for the first time in three years, according to customs … Continue reading “Baltic Exchange’s Dry Bulk Sea Freight Index Rises to One Month High with Capesize index Up 50% This Week.”

Baltic Exchange’s Dry Bulk Sea Freight Index Subdued With Lunar Festival, Port Delays and Low Steel Production.

The Baltic Exchange’s dry bulk sea freight index was lower this week hampered by the Lunar New Year holiday through Asia. The BDI was already hampered by downward pressure on rates from weak shipping demand. China’s crude steel production according to the World Steel Association, output for 2021 fell for the first time in six years. China is the world’s largest consumer of iron ore. Its iron ore imports fell for the first time in three years, according to customs … Continue reading “Baltic Exchange’s Dry Bulk Sea Freight Index Subdued With Lunar Festival, Port Delays and Low Steel Production.”

Baltic Exchange’s Capesize Index Soared 31.4% as Dalian iron Ore Jumped Over 7%

The Baltic Exchange’s dry bulk sea freight index collapse reversed Friday, rising 79 points, or 6.1%, to 1,381 its biggest daily percentage gain since September. However, the BDI index was still down 2% for the week, its fourth consecutive weekly decline. The move in the overall index was boosted by the Capesize index bouncing 257 points, or 31.4%, to 1,075, its highest level in over a week. Support came from Dalian iron ore jumping over 7% on Friday. The Capesize … Continue reading “Baltic Exchange’s Capesize Index Soared 31.4% as Dalian iron Ore Jumped Over 7%”

Baltic Exchange’s Dry Index Continues to Crash, Down Over 40% in 2 Weeks

The Baltic Exchange’s dry bulk sea freight index continues to collapse, losing another 19.8% this week, after losing nearly 23% last week to its lowest since early February 2021. The index fell for an eleventh straight session on Friday, weighed down by soft demand across vessel segments. The Capesize index fell to its lowest since June 2020. The index is down 40.4% this week, after falling 17.38% last week. Baltic Exchange Dry Index (BDI) Segments (Jan 21, 2022) The Baltic … Continue reading “Baltic Exchange’s Dry Index Continues to Crash, Down Over 40% in 2 Weeks”

South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan

South Korea’s No. 2 steelmaker Hyundai Steel Co. in it’s carbon reduction plan is replacing its fleet of raw material carriers with eco-friendly ships. On Wednesday its first liquefied natural gas (LNG) powered ship, “HL Oceanic,” made its maiden voyage. HL Oceanic was built by Hyundai Samho Heavy Industries in Mokpo, South Jeolla Province. The LNG-powered ship is based exclusively on domestic technology, from ship design to construction, the localization level up to 97 percent of the ship price. The … Continue reading “South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan”

J.B. Hunt Transport Delivers Robust Earnings Despite Labor and Disruption Headwinds

J.B. Hunt Transportreorted better than expected Q3 earnings before the bell Friday.  $JBHT grew it’s revenues across all its segments despite labor challenges. With companies desperate to return to normal from the supply crunch freight demand has been accelerating.

Paccar Trucks to Deliver FedEx Packages Using Aurora’s Autonomous Technology

Aurora Innovation, a California-based self-driving technology company announced it is collaborating, with Paccar to launch a commercial pilot of autonomous trucks hauling goods for package delivery firm FedEx. The Paccar trucks will be equipped with Aurora’s autonomous technology to haul FedEx loads between Dallas and Houston on one of America’s busiest routes, the 500-mile round trip I-45 corridor. The pilot marks the next phase of a partnership among the three companies that was announced in January. The trucks will operate … Continue reading “Paccar Trucks to Deliver FedEx Packages Using Aurora’s Autonomous Technology”

Shipping Giant Maersk Notes Weaker Macro Numbers From Trade War Risks

Danish shipping giant A.P. Møller – Mærsk A/S released first quarter of 2019 with a 33% increase in EBITDA earnings to $1.2 billion but said still facing considerable uncertainties from weaker macro numbers and the risk from trade tensions and implementation of IMO 2020.