World News
Baltic Dry Index Breaks Above 900
After sitting at just 685 points on February 14, the Baltic Dry Index (BDI) last week again broke above the 900 mark, gaining 33 points on Thursday to 904, and another 35 points Friday to end the week at 939.
Average TC spot rates Friday were up across all major segments, with Capesize earnings rising to $9,425 per day (+$854), Panamax earnings growing to $8,982 per day (+$271), and Supramax earnings reaching $8,848 per day (+$63).
However, BDI's recent rebound could lose steam later this month in the face of market uncertainty, including possible changes resulting from China’s National People Congress meeting, which could boost environmental protectionism, Seatrade Maritime reports.
Ahead of the congress meeting, Chinese authorities are also noted to have implemented a 50 percent cut in sintering production in Tangshan from March 1 to 15 to improve air quality - a decision that is expected to impact the demand of seaborne steel-making commodities, including iron ore and coking coal.
As a result of the related drop in imports, shipping freight rates for these commodities are reported to already be seeing negative impacts, which have been further exacerbated by holidays observed in major shipping countries.
Last week, Ship & Bunker reported that a new report from VesselsValue says bulker values over the past 12 months have "hit rock bottom," and now have nowhere left to go but up.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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