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...Baltic Dry Index is the worldwide benchmark for shipping rates of raw materials, and it has registered some eye-popping gains over the past month. The London-based index registered its 23rd straight daily gain on Wednesday, closing at 4,291, its highest mark since September and the longest streak of gains since July 2006. Daily rates for the largest Capesize ships, which typically carry iron ore, rose 6.8% on Wednesday to $93,197. Just five months ago, daily ship-rental rates were hovering just above $2,000, about the price of a great seat on opening...
Baltic Index president Jeremy Penn cautions that shipping rates can sometimes fluctuate dramatically, and are often driven by specific factors such as carrier availability in key locations. Indeed the current boost is best explained by Chinese steel production demand and a shortage of the Capesize vessels to haul the iron ore. Penn notes that it is not yet clear whether the core manufacturing that is turning again in China is linked to coming export demand or domestic infrastructure investment. "There are always quirks in the pricing," he notes. "And at the moment it seems a very China-centric market." (Read...
That's to say, before you run out to start an import-export business, take a look at some other numbers in the shipping world that are far less robust. Shipping by container, typically finished goods, remains troublingly cheap, a sign that consumer products are still not flowing between continents. The price for a 20-foot equivalent unit (TEU) container on an East Asia-to-Europe voyage is reportedly currently maxing out at a paltry $500. Though the pace of the drop in rates has slowed, there are signs that charter prices have still not bottomed out, having dipped below...
...favorite rest stop for late-morning dog walkers. Strolling up the boulevard, we passed more than a dozen Bauhaus buildings with their trademark details, such as the "thermometer" (a glassed-in stairwell rising up the side of the edifice) and the rounded balconies on which you expect a ship's captain and a socialite to appear with martinis. Taking the nautical look to extremes, a few Bauhaus buildings even have a row of portholes running along the side. The clean Modernist lines are usually set off by palm trees, or explosions of magenta and tangerine bougainvillea - a tropical extravagance...
...club presidents chose to jump ship. But the separation did not occur overnight...