At the end of July, Steel Market Update founder and publisher, John Packard, will travel from Two Harbors, Minnesota to Indiana Harbor, Indiana on the M/V James R Barker. The James R Barker is an iron ore supply ship owned by Interlake Steamship Company. The 1004 foot long vessel will carry approximately 63,000 tons of […]
Seaborne Freight The dry bulk market may have bottomed out in May and has been steadily creeping higher during June. The Baltic Dry Index closed at 823 on Friday, June 26. The BDI peaked on November 5, 2014 when the Index was at 1484 and dropped as low as 509 on Feb. 18, 2015. The […]
The Pacific Maritime Association overwhelmingly ratified a new five year contract with the International Longshore & Warehouse Union. The vote on the contract by the ILWU is expected by the end of this week. If the contract is ratified by the ILWU it will be retroactive to July 1, 2014 and will run through June […]
MID-SHIP continues to report concerns over weak demand in the dry cargo market coupled with over-supply of ships. The drop in shipping to and from China has pushed freight rates to their lowest levels since the mid 1980s according to the May 12 MID-SHIP Report. The Baltic Dry Index (BDI) was at a low of […]
The seaborne freight market has been relatively flat in the past few weeks. The Baltic Dry Index was at 602 at the end of March but has been under 600 for most of April. As of Friday, April 24, it registered at 600. The BDI tracks dry-bulk rates based on vessel size and shipping route […]
Vessels transporting iron ore on the Great Lakes are encountering heavy ice in the Whitefish Bay area. Breaking the ice has been challenging for US and Canadian Coast Guard vessels. Strong winds over the weekend pushed ice from Lake Superior to the bay, covering about 35 square miles. Broken ice plate 24-30 inches thick clogs […]
Steel import levels continue to increase at ports around the U.S. SMU spoke with several ports and all but one expects imports to grow, not decrease, in the coming months. Out on the West Coast, the Port of Los Angeles is still working through congestion brought about by the recent labor dispute and chassis issues. […]
Seaborne freight is picking up slightly primarily due to the South American grain export season, according to the March 25 MID-SHIP Report. The Baltic Dry Index continues to be at a very low level. The BDI registered 448 points on March 25, climbing to 596 as of March 27. The BDI tracks dry-bulk rates based […]
A blustery March 25th marked the beginning of the Great Lakes shipping season and the opening of the Soo Locks. The first lake freighter to enter the Locks was the Edwin H. Gott from Great Lakes Fleet Inc. The Gott, named for the former US Steel chairman and CEO, entered the Locks at 11:05 a.m. […]
The Baltic Dry Index hit a thirty-year low on February 23 registering a reading of 512. As of March 11 the index increased to a still dismal 565. The Index tracks shipping rates for dry bulk cargoes like iron ore, coal and grain and is considered a barometer for global steel trade. The MID-SHIP Group […]
The Cass Freight Index Report shows freight shipments increased in February along with freight expenditures. Shipments were up 5.5 percent last month and 0.9 percent year over year, driven by seasonal demand for heating oil, coal, and sand. The American Trucking Association (ATA) reported trucking rose 1.2 percent in January. The For-Hire Truck Index stood […]
With less than three weeks to go before the Soo Locks are scheduled to open on March 25 the Great Lakes are 80.4 percent covered in ice. The heaviest concentrations of ice are Lake Superior, Huron and Erie at 95 to 96 percent coverage. The ice comparison below from the Great Lakes Environmental Research Laboratory […]
Low oil prices are giving truck carriers a break through diesel rates that are at their lowest level since February 2011. The average U.S. diesel price was $3.535/gallon as of December 8, 2014, a drop of $.34 from a year ago. Fuel savings add up during winter months when storms can cause delays and idling […]
Truck freight volume rose 7.5 percent in the last week of July according to DAT Trends. Load to truck ratios increased across all three truck categories while the average spot market rates remained stable. Flat bed truck demand increased by 6 percent while capacity declined 7.1 percent. The load to truck ratio for the week […]
Truckload capacity is tight but trucks are still available according to logistics resource DAT Solutions. The potential port strike on the West Coast, however, and the addition of agricultural shipping may push the situation to a tipping point says DAT. Flatbed demand is high across the country except in North Dakota where it is mostly […]
Truck transportation, the price and availability of it, has been a concern of the steel industry of late, especially after the delays that occurred during the unusually severe winter season. To determine what is affecting truck shipping, we looked at the issues currently facing the truck transportation industry. Hours of service is the issue ranked […]
SMU has been hearing anecdotal reports about difficulties with finding truck transport as companies try to catch up on winter weather delayed orders. The MID-SHIP Report has been reporting for months that truck availability is at a premium, mostly due to a shortage of drivers. Comments we have been hearing range from product sitting on […]