The company, which recorded a net loss of $65m in the fourth quarter of 2020 compared with net income of $900,000 in the same period a year earlier, sees a favourable dry bulk market going forward

Minor bulk demand growth is pegged at 4.8% this year compared with fleet growth of 1.8%, Pacific Basin highlights, while the dynamics are even more compelling for next year

If the supply side receives a dividend from the recycling of very old ships, slow steaming by the rest of the owners who are using low-sulphur fuel oil and forced downtime in dry docks for owners passing special surveys on ships older than 20 years means the market would further benefit from this shrinking pool of available ships, according to Precious Shipping managing director Khalid Hashim

Freight rates for panamaxes have been pushed up as available tonnage in the Atlantic region is limited. US Gulf and east coast South America are absorbing a great number of ballasters from the Asia-Pacific, while thickening sea ice in the Baltic Sea is further boosting rates

Pacific demand for Argentine wheat has dropped as Asian grain buyers shift to abundant Australian produce. In the first two months of the current export season, loadings from the South American nation only reached 3m tonnes, half as much as a year ago

There are still about 46 bulkers that remain stranded in China’s anchorages with Australian coal because of the political spat, according to Lloyd’s List Intelligence vessel-tracking data. Of those waiting to offload cargoes, there are six panamaxes, 25 post-panamaxes and 15 capesizes

The company, which last month announced a refinancing of its 2022 bonds and instatement of a regular dividend for shareholders, plans to plough $40m of its existing cash into the acquisitions and finance the balance with bank debt

The shortage of available containers in many export ports, especially in China, could see increasing demand for dry bulk tonnage as a secondary effect. Meanwhile, port congestions in east coast South America are likely to further boost freight rates for the mid size and geared vessels

Cleaves Securities analyst Joakim Hannisdahl says China’s stimulus efforts will continue into 2021, leading to a net restocking cycle once the global commodity markets find a new equilibrium at a higher supply level. This could boost the dry bulk shipping market

The 63,500 dwt Rowayton Eagle is fully operational and is being escorted to the discharge port by an armed private maritime security contractor vessel with a Nigerian naval detachment on board, according to the owner Eagle Bulk

Brokers attribute the slide to an expected seasonal dip in cargo demand ahead of Chinese New Year, cargo cancellations after Australian port closures and tonnage tightness in Brazil

Of the vessels waiting to offload their cargoes, there are 10 panamaxes, 29 post-panamaxes and 16 capesizes, Lloyd’s List intelligence data shows. But with domestic coal prices remaining elevated, calls from steel mills and power utilities to ease restrictions have mounted which may see more ships discharging cargoes in the coming months