World News
Baltic Dry Index Breaks 400, as Orders for New Ships Virtually Stops
The Baltic Dry Index (BDI) Wednesday broke above 400 for the first time since January, rising 3 points to 401, as BIMCO notes that orders for new ships have all but come to a halt.
Average spot TC rates were up across all segments with Capesize reaching earnings of $2,005 per day (+$11), Panamax achieving daily earnings of $3,673 (+$29), and Supramax reaching daily earnings of $4,897 (+$49).
BIMCO Tuesday acknowledged that the market is doing what it can through scrapping and restraining newbuild orders, with only four newbuilding orders registered over the first 12 weeks of this year.
Nevertheless, the organisation says the dry bulk market is "still looking bleak."
Peter Sand, BIMCO's Chief Shipping Analyst, said that "with little to no influence over demand side developments, reducing supply is the only tool owners and operators on the dry bulk market can use to improve on the market situation. The best way to do that is to limit the amount of new orders and increase scrapping."
Earlier this week Ship & Bunker reported that dry bulk scrapping has escalated over the past two months.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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