World News
Brexit Blues Fail to Dampen Dry Bulk Rate Rise
While world markets are reeling in the wake the the UK's decision Thursday to leave the EU, dry bulk markets appear to have bucked the trend.
After the Baltic Dry Index (BDI) Wednesday made gains for the first time in 10 sessions, rising 5 points to 585, it has continued to rise though Monday despite Thursday's vote for a so-called Brexit.
As Ship & Bunker reported Friday, the surprise referendum outcome has had a heavy downward impact on crude and stock markets.
However, the news had no discernible effect on the BDI, which continued its gains Friday, rising 13 points to break the 600 mark and reach 609.
On Monday, with average TC spot rates up across all major segments, the BDI rose another 7 points to reach 616.
Average TC spot rates in the Panamax segment rose $130 Monday to reach earnings of $4,811 per day, while Capesize and Supramax segments rose to earnings of $6,491 per day (+$39) and $6,136 per day (+$35), respectively.
In May, Drewry Shipping Consultants Limited (Drewry) said it believed dry bulk freight rates in 2016 will be, on average, lower than last year as market fundamentals are set to "remain challenging."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
Popular Now More
-
Dec 16The new hire previously worked for ExxonMobil from December 2018 to October of this year. -
Dec 19The new board was appointed after an extraordinary general assembly of the association's members, incoming Chairman Mustafa Muhtaroğlu tells Ship & Bunker. -
Dec 17Ossi Mettälä, product manager at NAPA Shipping Solutions, discusses the upcoming FuelEU Maritime regulation and how the shipping industry can respond.