BDI Reaches New High in 2016

first_imgzoom As the dry bulk market is currently experiencing a slight recovery, the Baltic Dry Index (BDI) jumped by 13 points and reached 500 points on April 6, marking the highest level so far in 2016.The Capesize index was up by 11 points reaching 477, the Panamax index was up by 23 points hitting 619, while the Supramax index increased by 3 points, resulting in 482 points.Average daily earnings for Capesizes and Panamaxes were up by USD 187 and USD 180, amounting to USD 4,027 and USD 4,940, respectively, while the average daily earnings for Supramaxes increased by USD 32 to USD 5,036.The increases come on the back of last month‘s BDI threshold of over 400, after the dry bulk industry staged a come back following BDI’s plunge to a record low of 298 points seen at the beginning of February.In an attempt to deal with overcapacity in the sector, dry bulk owners were on a demolition spree during the first quarter of 2016, according to data from Clarksons Research.In January and February alone, 111 dry bulk ships were scrapped, equalling 9.3 million DWT, BIMCO said.By the end of March, some 144 dry bulkers, equivalent to 11.9 DWT, were sold to scrap.Clarksons Research data shows that the average scrapping age for bulk carriers dropped from 33 years in 2007 to 24 years so far this year, however, due to the current market conditions, vessels built in the 2000s are now candidates for recycling.Despite the high scrapping trend, the current dry bulk market is still in limbo, as low demand for commodities transportation continues.Furthermore, according to VesselsValue the interest for building and ordering dry bulk ships has diminished in 2016, as shipyards believe they can earn more from constructing other types of ships.Only four vessel orders were registered in the first 12 weeks of 2016 despite 12-year low newbuilding prices offered from the shipyards, BIMCO said.World Maritime News Stafflast_img read more

Heres What Happened Today Thursday

first_imgNEED TO CATCH up? brings you a round-up of today’s news… A seven-week-old Labrador, with her sisters and brothers who fell asleep after playing around at the launch of a pioneering programme involving the Prison Service and charity Dogs for the Disabled. More details at Source: Leon Farrell/Photocall IrelandIRISH A report into the CRC found that the organisation set up its charitable arm just to get as much money as possible from the HSE.The Taoiseach said a Fianna Fáil deputy writing to a judge was a “direct intervention in the administration of justice“.Alan Shatter blasted the Guerin report for ‘completely failing to follow fair procedure’.The first meeting of the banking inquiry took place.Jereon Dijsselbloem said that while retroactive recapitalisation of Irish banks was possible, it was politically “difficult”. [RTÉ News]Siptu announced that ambulance crews are to be balloted for industrial action.The Police Ombudsman found no evidence that the RUC was involved in an attack on Gerry Adams in 1984.A motorcyclist died in a crash in Dublin.The jobs of 160 workers at a quarry are in limbo after the plant entered receivership.Paying back the state is the ‘constant focus’ of AIB, the bank’s chairman said.WORLD A couple sunbathe on Broadstairs beach in Kent, the United Kingdom. Source: Chris Radburn/PA Wire#CAMBODIA: The number of workers fleeing Thailand soared to more than 200,000. [AFP]#GERMANY: A potholer trapped 3,300ft underground for 12 days was rescued. [BBC News]#IRAQ: The United States said it could deploy as many as 300 military advisers to help the Iraqi army.#UKRAINE: Separatists and Ukrainian troops continued fighting after a ceasefire was refused. [Reuters]#UNITED STATES: An 89-year-old was arrested for alleged war crimes as a teenage Nazi guard at Auschwitz.INNOVATION Blackberry surprised everyone by making a profit.It was almost the end of life as we know it – Facebook was down for a while.PARTING SHOTResearchers have recorded bats singing in a similar way to songbirds. Listen to their calls here. [Science]Originally published 9pmcenter_img A Canadian court ordered Google to remove all links relating to a specific company.Doubt was cast on a study of gravitational waves, previously said to be the discovery of the century. [New Scientist]last_img read more