World News
More Bad News for Dry Bulk: Baltic Dry Index Falls to ANOTHER Record Low of 415
There was more bad news for dry bulk Monday, as The Baltic Dry Index fell 14 points to yet anther new record low of 415.
The slide follows a Friday fall of 16 points to an at the time record low of 429, which itself followed record lows also being set on Tuesday, Wednesday, and Thursday last week of 468, 467, and 445 respectively.
The news means that the dry bulk sector's key benchmark has not only fallen every day so far in 2016, it has been at a fresh record low on five of the six reporting days of the year so far.
Last year was an historically bad year for the sector, which ended having seen the Baltic Dry Index fall to an at the time record low of 471 - 13.5 percent higher than Monday's level.
On Monday, average spot TC rates for capesize's had fallen to $3,594 per day, $3,361 per day for Panama, and $4,416 per day for Supramax.
Analysts and market players alike are predicting even tougher times ahead for dry bulk, which could see a wave of bankruptcies.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 0.00 | 680.00 | 0.00 |
| Rotterdam | 515.00 | 1.00 | 674.00 | 2.00 |
| Houston | 550.00 | 2.50 | 678.00 | 6.50 |
| Fujairah | 560.50 | 0.50 | 753.50 | 2.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 761.00 | 2.00 |
| Global 4 Ports Average | 549.00 | 1.00 | 696.50 | 2.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 800.50 | 2.00 |
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