Baltic Dry Index

On the world’s largest VLCC trading route, from the Middle East to Japan, rates have fallen to under $8,000 per day, just over 10% of the $70,000 per day seen at the beginning of 2009.   “There’s no reason why the market should be where it is,” said Frontline acting chief executive Jens Martin Jensen.   “It doesn’t make any sense. If [a crude oil trader] pays $50 a barrel and you have 2m barrels on board [a tanker] worth $100m, who cares if you are paying $10,000 or $20,000 per day? It doesn’t make any difference. It’s weakness in certain owners minds.

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Tomasz Kulig