Dry-Bulk Shipping Rates Hit Two-Year High on Capesize Demand
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Dry-Bulk Shipping Rates Hit Two-Year High on Capesize Demand
Bloomberg
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May 7, 2026
By Katharine Gemmell
May 7, 2026 (Bloomberg) –A key measure of bulk-shipping rates jumped to the highest level since December 2023, driven by rising demand for Capesize vessels along with tightening supply of ships that haul bulk commodities.
The Baltic Dry Index surged 5.6% to 2,991 points on Wednesday, extending gains for a fourth session. The gauge tracks freight rates for Capesize, Panamax, and Supramax ships transporting raw materials such as iron ore, coal and grain.
The Capesize market has “strengthened sharply over the past two weeks” on tightening ship availability in the Pacific, disruptions to iron ore exports from Brazil, and hedging of future freight rates, said Pranay Shukla, the head of dry bulk freight and commodities research at S&P Global Energy.
Strong bulk commodity exports in April are expected to continue this month and into June, according t
Maersk Says Energy Crunch to Persist Even If Iran Peace Deal Struck
A cargo ship docked at the Port of Fujairah, as the U.S.-Israel conflict with Iran limits marine traffic in the Strait of Hormuz, in Fujairah, United Arab Emirates, May 6, 2026. REUTERS/Amr Alfiky
Maersk Says Energy Crunch to Persist Even If Iran Peace Deal Struck
Reuters
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May 7, 2026
By Stine Jacobsen and Jesus Calero
COPENHAGEN, May 7 (Reuters) – Shipping group Maersk MAERSKb.CO beat first-quarter profit forecasts on Thursday but warned the Iran war had pushed its fuel costs up by nearly $500 million a month and that the energy crisis would persist even if a peace deal was reached.
Shares in Maersk were down 6.5% at 1100 GMT after its results, underperforming a broadly flat Copenhagen benchmark index amid worries that high fuel prices could hit profits.
Maersk CEO Vincent Clerc said the war had added roughly 3 billion Danish crowns ($472.7 million) to the company’s monthly costs as bunker fuel prices surged from around $600 to just under $1,000 per metric ton.
Clerc sai
U.S. Sanctions Iraq’s Deputy Oil Minister Over Alleged Iranian Oil Scheme
The Malta-flagged tanker Agios Fanourios I, an oil tanker that sailed through the Strait of Hormuz, arrives in Iraq’s territorial waters off Basra,Iraq April 17, 2026. Sanctions Iraq’s Deputy Oil Minister Over Alleged Iranian Oil Scheme
Mike Schuler
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May 7, 2026
The
Trump administration
on Thursday escalated its economic campaign against Iran by sanctioning Iraq’s deputy oil minister and multiple militia-linked companies accused of helping Tehran smuggle oil and finance armed groups across the Middle East.
The sweeping action by the U.S. Treasury Department’s Office of Foreign Assets Control (
OFAC
) underscores Washington’s growing focus on illicit oil flows moving through Iraq at a time of heightened instability across Gulf energy markets and continued disruption to commercial shipping in the region.
At the center of the sanctions is Ali Maarij Al-Bahadly, Iraq’s Deputy Minister of Oil, who U.S.
Trapped in Hormuz: Indian Sailors Describe Nights of Missiles, Fear, and Hunger
Ships and boats in the Strait of Hormuz, Musandam, Oman, May 1, 2026. REUTERS/Stringer/File Photo
Trapped in Hormuz: Indian Sailors Describe Nights of Missiles, Fear, and Hunger
Reuters
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May 7, 2026
MUMBAI, May 7 (Reuters) – Nightly explosions of drones and missiles terrified Indian sailor Tithi Chiranjeevi after his ship was stranded in Iran for more than a month by the
Strait of Hormuz
blockade caused by the Middle East conflict.
“Around 10 to 20 missiles struck every night. No one could sleep,” he told Reuters, describing conditions outside Iran’s port of Khorramshahr on his return home last week, after an arduous 15-day journey through Iraq, Armenia, and Dubai.
The 28-year-old had spent the previous six months working on the Iranian ship Ilda, carrying construction material to Dubai.
The vessel was one of 2,000 trapped in the vicinity of the 104-mile (17-km) waterway that normally carries a fifth of the world’s supplies of oil and liquefied natural gas (LNG).
Violence
Australia Bans Liberian-Flagged Bulker From Ports Amid Crackdown on Crew Exploitation
Liberia-flagged tanker FPMC B Forever at the Port of Newcastle, Australia, where inspectors from the Australian Maritime Safety Authority detained the vessel after discovering crew wage violations and unlawful charges for potable water. Photo courtesy AMSA.
Australia Bans Liberian-Flagged Bulker From Ports Amid Crackdown on Crew Exploitation
Mike Schuler
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May 7, 2026
Australia has banned another foreign-operated ship from its ports after inspectors discovered seafarers had been underpaid and unlawfully charged for drinking water, escalating a widening crackdown on labor abuses in global shipping.
The Australian Maritime Safety Authority (
AMSA
) said the Liberia-flagged bulk carrier
FPMC B Forever
, operated by Taiwan-based Formosa Plastics Marine Corporation, was detained in the Port of Newcastle on April 23 following a port state control inspection that uncovered multiple breaches of the Maritime Labour Convention (MLC).
Inspectors found the crew had been underpaid by n
Oil Shock Far From Over: Energy Giants Warn Global Fuel Supplies May Stay Tight for Months After Iran Deal
Luojiashan tanker sits anchored in Muscat, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 7, 2026. REUTERS/Benoit Tessier
Oil Shock Far From Over: Energy Giants Warn Global Fuel Supplies May Stay Tight for Months After Iran Deal
Reuters
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May 7, 2026
LONDON, May 6 (Reuters) – Oil supplies are set to tighten further in coming weeks even if the U.S. and Iran agree on a peace deal to end their
war
because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide – so oil companies will continue to deplete storage tanks to meet peak summer demand.
The world has used temporary buffers – commercial stockpiles, oil in transit or held in storage at sea and emergency reserves – to offset the shock from the war in the Middle East.
Odfjell SE 1Q26 results: Solid operational performance amid market uncertainty
Odfjell SE 1Q26 results: Solid operational performance amid market uncertainty
in
International Shipping News
07/05/2026
Highlights – 1Q26
Odfjell’s strong safety performance continued amid a more challenging environment.
Four vessels are currently inside the Strait of Hormuz, one owned and three time chartered. All crew members are safe, and the shore team remains in close contact with each vessel to ensure their continued security.
Time charter earnings ended at USD 167 million, compared to USD 168 million in 4Q25.
TCE per day was USD 27,232 versus USD 27,978 in 4Q25. Weaker earnings also reflect initial negative effects from the conflict in the Middle East Gulf, including increased ballasting, rerouting, and higher provisioning and insurance costs.
EBIT of USD 46 million, compared to USD 53 million in 4Q25.
Net result contribution from Odfjell Terminals of USD 2.3 million, versus USD 1.8 million in 4Q25.
Net result of USD 32 million, compared to USD 38 million in the previous quarte
S. Korea: Foreign ministry rejects Trump’s claim over Korean ship sailing alone in Hormuz
Korea: Foreign ministry rejects Trump’s claim over Korean ship sailing alone in Hormuz
in
International Shipping News
07/05/2026
The Ministry of Foreign Affairs on Thursday rebutted U.S. President Donald Trump’s assertion that a Korean-operated vessel was attacked as it was acting on its own without U.S. protection in the Strait of Hormuz — a focal point of the ongoing war between the U.S.
Seoul National University, San Diego State launch shipbuilding program to train US workforce
Seoul National University, San Diego State launch shipbuilding program to train US workforce
in
Shipbuilding News
07/05/2026
As part of U.S.-Korea shipbuilding cooperation, a “naval architecture” major is expected to be newly established at a university in San Diego as early as early next year, and a plan to conduct credit exchanges with the Seoul National University Department of Naval Architecture and Ocean Engineering is being pursued, sources said on the 7th. Seoul National University would train personnel for the U.S. shipbuilding industry.
Seoul National University’s Department of Naval Architecture and Ocean Engineering is known as Korea’s top program for training shipbuilding professionals.
House Labor Caucus Joins Growing Backlash Against Trump’s Jones Act Waiver Extension
Stock Photo: Igor Karasi / Shutterstock
House Labor Caucus Joins Growing Backlash Against Trump’s Jones Act Waiver Extension
Mike Schuler
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May 7, 2026
Opposition to the Trump administration’s sweeping
Jones Act
waiver extension is continuing to widen, with top House labor lawmakers now joining a growing coalition of maritime unions, domestic operators, and industry groups warning the policy is undermining the U.S. shipping industry while failing to lower fuel prices.
In a statement released Thursday, Congressional Labor Caucus Co-Chairs Donald Norcross, Mark Pocan, Steven Horsford, and Debbie Dingell blasted the administration’s decision to extend the emergency waiver another 90 days.
“We stand with American mariners who protect our nation’s industrial and shipping capacity,” the lawmakers said. “Their mission is both an economic and national security imperative.”
The waiver, first introduced in March and now
extended
through mid-August, allows foreign-flag vessels to tra