Dry Bulk Shipping VIII

[lamborghini]

Navios Holdings to Acquire Two Capesize New Building Vessels

Navios has entered into agreements to purchase two capesize vessels of approximately 181,000 dwt each, to be built by STX Shipbuilding Co. Ltd. in South Korea. The vessels will cost $108.5 and $109.0 million respectively.

The first vessel is scheduled for delivery in the second quarter of 2009 and has been chartered-out for ten years commencing upon delivery at a net charter-out rate of $42,250 per day.

The second vessel is scheduled for delivery in the third quarter of 2009 and has been chartered-out for seven years with three one year charterers’ options. The charter-out commences upon delivery at a net charter-out rate of $44,850 per day.

Navios Maritime Holding

[Mighty1]

Supposedly this article from "Lloyds List" begins to explain what's going on, and it's not very optimistic!!! Slack demand wipes out 50% of BDI value - Lloydslist.com

[Mighty1]

This one from "Hellenic Shipping News" is, (on the other hand) more optimistic, Hellenic Shipping News - Worldwide Online Daily Newspaper on Hellenic and International Shipping

[lamborghini]

Jittery dry bulk market to draw strength from steel

(Lloydslist) Steel consumed by the Middle East and the so-called BRIC countries — Brazil, Russia, India and China — will grow to exceed all other countries by 2013, according to estimates from Citi Investment Research analyst Johan Rode.

These healthy fundamentals for the steel and iron ore global markets underscored the strengthening prospects for the dry bulk market, despite jitters which have seen rates plunge by more than 40% in recent months.

Freight rates on the spot market for dry bulk vessels are now less than half those seen last June, when Baltic Exchange indices hit record highs.

Fears of a looming tonnage oversupply in 2010, falling steel prices, lower Chinese iron ore imports and the slowing global economy have helped fuel unease. But Mr Rode....read more

[ron]

Vale delays ore shipments to China

(Lloydslist) VALE has postponed an unknown number of iron ore shipments to China, with one Chinese news agency Thursday claiming nearly 100 ore carriers were sitting off the coast of Brazil’s loading ports.

China’s Economics Reference, a newspaper of state-run Xinhua News Agency, said that the Brazilian mining giant had delayed the voyages because of a dispute over iron ore pricing.

A spokesperson for Vale refused to rule out cancelled or postponed cargoes, adding that Vale did not comment on market rumours.

Howe Robinson’s weekly report said that some stems from Brazil had either been cancelled or postponed due to “congestion management” or “ore price re-negotiation”.

Norwegian shipping analyst DnB NOR Markets also confirmed in its weekly report that cargoes out of Brazil were.....read more