Global MFG - Sep 3, 2019
Shipping’s Great Fuel Switch Is Starting to Drive Up Freight CostsBloomberg | IndustryWeek
Shipping’s Great Fuel Switch Is Starting to Drive Up Freight Costs
The cost of shipping commodities by sea surged to the highest in almost nine years as vessel owners start taking carriers off hire to prepare them for sweeping new fuel rules.
The Baltic Dry Index, a measure of freight for everything from coal to iron ore to grains, surged to 2,378 points on Friday, the highest since November 2010, according to figures from the London-based Baltic Exchange. Giant ships called Capesizes are earning almost $35,000 a day, the most in at least 5 1/2 years.