World News
Dry Bulk Woes Deepen: Big Slide Sees Baltic Dry Index Fall to Yet Another New All Time Low
The Baltic Dry Index Thursday witnessed another big slide, falling almost 5 percent - or 22 points - to a new all time low of 445.
The development means that, of the four days that the sector's key barometer has been published in 2016, it has been at an at-the-time record low for three of those days.
The index was first published in 1985.
All segments witnessed a rate drop Thursday, with average spot TC rates for capesize's down $562 to $4,198 per day, Panamax's falling $110 to $3,595 per day, and Supramax's falling $64 to $4,555 per day.
China's weak economic situation has been largely credited for the index's recent decline, and it was perhaps telling that plunging share prices in China today triggered the second trading halt this week.
This dramatic New Year decline for Dry Bulk will however be of little surprise for many.
In October last year JPMorgan Chase & Co. (J.P. Morgan) warned that 2016 would be even worse for the sector than the unquestionably dire 2015.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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