World News
Baltic Dry Index Falls Another 5 Points to 358, but Capesize Rates Show Slight Improvement
The Baltic Dry Index dropped another 5 points today, setting a new record low of 358, but some owners will take heart in a single point uptick in the capesize index.
The drop means the index has now been at a record low for the last twelve consecutive trading days.
Average spot TC rates for capesizes Wednesday rose $44 to $2,706, while average spot TC rates for Panamax and Supramax vessels fell to $2,876 per day, and $3,892 per day respectively.
Most analysts once again pointed to China as the main driver for the continued fall.
The country yesterday reported that for 2015 its economy grew by 6.9% - the slowest in 25 years.
While Beijing had set an official growth target of "about 7 percent" in 2016, the International Monetary Fund said it expected China's economy to grow by 6.3 percent this year, slowing to 6 percent in 2017.
There is however still some good news coming from the sector.
Yesterday Ship & Bunker reported that New York listed Safe Bulkers, Inc. (Safe Bulkers) [NYSE:SB] had bagged a charter deal on particularly good terms for the owner.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 628.00 | 6.00 | 737.50 | 9.50 |
| Rotterdam | 581.50 | 7.50 | 755.00 | 16.50 |
| Houston | 598.50 | 3.00 | 755.00 | 7.50 |
| Fujairah | 629.50 | 5.00 | 860.00 | 7.50 |
| Global 20 Ports Average | 645.00 | 13.50 | 832.00 | 16.50 |
| Global 4 Ports Average | 607.00 | 14.50 | 779.00 | 21.50 |
| Global Average Bunker Price | 707.50 | 5.50 | 892.00 | 2.00 |
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