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Bimco: Dry bulk market is declining again

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After some relatively positive months at the beginning of the year, the dry bulk market is now headed in the wrong direction, in terms of showing restraint on new orders and scrapping the aging fleet. The boom for large Capesize ships will not rub off on other segments.

Vale doubles its fleet of huge vessels

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Mining company Vale has been a major owner of the huge Valemax vessels for the transport of iron ore. The Brazilian company now owns just one ship, but is currently expanding the operated fleet significantly, Vale tells ShippingWatch.

Songa Bulk reduces deficit

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Songa Bulk, controlled by Arne Blystad and Herman Billung, has enjoyed higher rates in this year's second quarter. The Norwegian shipowner's fleet has also grown to a total 13 ships.

Western Bulk sees market recovering

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Dry bulk carrier Western Bulk booked a stronger result in the first half of the year and has an overall more positive outlook on the bulk market going forward, as the Norwegian carrier sees the market recovering.

Moody's has renewed faith in the shipping industry

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One of the world's leading rating agencies, Moody's, once again believes in the shipping sector which no longer has negative prospects. There are positive expectations to the container and dry bulk segments, shows a report from the firm. It is a whole other story for tanker carriers.

Dry bulk carrier dodges Noble Group downturn

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Noble Chartering, Noble Group's dry bulk carrier currently scrambling to survive, will be part of continuing operations, says the carrier's CEO to ShippingWatch at a time when the Singapore-based commodity trader finds itself amidst a large-scale divestment process.

Dry bulk has long way to go despite stronger rates

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Dry bulk rates were stronger in the most recent quarter, as evident from the first interim reports, but the level is far from enough to ensure positive bottom lines at the carriers, Fearnley Securities tells ShippingWatch. The sector must thus keep looking for a stable recovery.

Last week's top stories on ShippingWatch

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This summer week brought several key stories. ShippingWatch reported on the Danish Attorney General's indictment against Lars Møller of OW Bunker. The first half year results of bulk and container bode well for the two sectors. And the new Dan-Bunkering CEO unveiled his ambitious growth target.

Diana Shipping lost USD 23.8 million in Q2

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The Greek dry bulk carrier exits the first half of the year with a net loss of USD 50.3 million, following a new deficit for the second quarter. Despite a low risk profile, JP Morgan voices concerns about growing credits to sister company.

Court rejects injunction case against Dryships

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Yet another round in the dispute between the Greek dry bulk carrier and a shareholder is decided in favor of the carrier and its founder, George Economou. A court in the Marshall Islands has rejected the plaintiff's injunction against the carrier's sale of stock, informs Dryships.

Scorpio Bulkers cut its deficit in half in Q2

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The New York-listed dry bulk carrier booked a net deficit of USD 13.4 million in the second quarter, almost a 50 percent reduction compared to last year. Rates stabilized in the quarter due to increased Chinese iron ore and coal output, notes the carrier.

Dryships is being sued in New York

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A group of investors is suing Greek dry bulk carrier Dryships at a court in New York. Investors feel cheated in relation to a transaction last year. Two weeks ago, a similar lawsuit was filed in the Marshall Islands.

Court drops some of the charges against Dryships

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A court in the Marshall Islands has decided to lift a temporary suspension on the issuing of new shares in Dryships. The ban was part of a lawsuit against the dry bulk carrier, which has been accused by investors of inflicting huge losses on them in an unusual share tactic.

Dry bulk terminals fail test of high-risk cargoes

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The current methods for testing whether a dangerous cargo is at risk of liquefaction during sailing are inadequate and should be changed, says the Association of Bulk Terminal Operators, citing various samples of cargoes which have become liquefied despite passing tests.

This week's top stories on ShippingWatch

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APM Terminals lays off 160 in Gothenburg in a move to end the protracted port labor conflift. Shipowners look to postpone the ballast water convention by two years. Shippers worry about a shortage of reefer containers. Oil is headed for USD 40. Here are this weeks top picks.

"An industry downturn is exactly what we need"

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The dry bulk carriers, sore after several tough years, are becoming increasingly optimistic about the future. But Herman Billung, who recently established dry bulk investor Songa Bulk, praises the slowdown in the sector. "Another six months and we'll be home free," he says.

Sons have taken over at family-owned dry bulk carrier

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The sons have taken over the reins at dry bulk shipowner Alpina Shipping, which is operated in close cooperation with family-owned Dubai-based company Tomini Shipping. "We can see that decision-making processes are much quicker than if a company is run by a bank or a fund," says CEO.

Oldendorff continues aggressive fleet expansion

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While many dry bulk carriers are struggling severely with their finances, the Lübeck-based family-owned carrier Oldendorff continues its massive fleet expansion. Market observers are puzzled by the development. Read on to learn how many ships the fleet now covers.

This week's top stories on ShippingWatch

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Arab boycott of Qatar with the potential to create difficulties for Hapag-Lloyd, the collapse of Germany's Rickmers Group, and tanker carriers such as Torm and Hafnia in play in an expected consolidation wave, were among this week's top stories on ShippingWatch.

Last week's top stories on ShippingWatch

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Another consolidation in the tanker industry. US President Donald Trump will pull the US out of the Paris Climate Accord. 180 years of shipping may come to a end at Rickmers Group. News from Nor Shipping. Read this week's top picks on ShippingWatch.

Noble Group is fighting hard to survive

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Major Asian commodity company Noble Group, which counts firms including bulk carrier Noble Chartering, is in the midst of a battle for survival. Recent weeks of bad news feed into fears for the future of the group which is listed in Singapore.

Ultrabulk vessel detained in Panama

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A vessel from carrier Ultrabulk loaded with phosphate has been detained in Panama. Ultrabulk is breaching international laws, says NGO. The cargo is legal, says Ultrabulk CEO Per Lange, who is backed by association Danish Shipping. The vessel has been released Monday.

Lauritzen CEO is hunting for new dry cargo execs

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The carrier is hunting for a replacement for the two dry cargo executives who recently left Lauritzen Bulkers. "The process is important, so whether it takes one or three months to find the right person is a secondary factor," says CEO Mads P. Zacho to ShippingWatch.

J. Lauritzen: Dry bulk challenging despite improvements

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J. Lauritzen delivered an improved operating result in the first quarter, though the carrier still suffered a deficit. "Despite market improvements in Q1, dry cargo markets continue to be challenging," says CEO Mads P. Zacho. The carrier maintains its expectations for the full year 2017.

Strong bulk market surprised Norden CEO Jan Rindbo

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Despite a "surprisingly strong" dry bulk market, Norden's bulk business showed weak performance in this year's first quarter because the carrier's tonnage was fully utilized. CEO Jan Rindbo expects an adjusted bulk result in the low end of the forecast, he tells ShippingWatch.

Last week's top stories on ShippingWatch

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Several EU member states, including Denmark, are currently having their state subsidies to carriers and maritime businesses scrutinized, while John Fredriksen's efforts to take over DHT continue. And ShippingWatch was present at the major shipping conference in Singapore this week.

This week's top stories on ShippingWatch

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J. Lauritzen's bondholder dispute was resolved, the carrier relying on money from its owner. More details emerged about the EU approval of Maersk's takeover of Hamburg Süd. And Rickmers Maritime had to throw in the towel. Keep up with this week's top stories on ShippingWatch.

XO Shipping delivers first deficit ever

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Contract breaches have contributed to XO Shipping's plunge into the red for the first time in the bulk carrier's history. Meanwhile, a case concerning double-payment in the wake of OW Bunker's collapse is still causing pain, says CEO Ejner Bonderup to ShippingWatch.

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