More Bad News for Dry Bulk: Baltic Dry Index Falls to ANOTHER Record Low of 415
The news means that the dry bulk sector's key benchmark has been at a fresh record low on five of the six reporting days of the year so far.
The dry bulk sector's key benchmark has been at a fresh record low on five of the six reporting days of the year so far.
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 a 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.
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports.
The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless
Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members