Transportweekly: Baltic Dry Index Posted its Third Consecutive Week’s Drop

“The Baltic Dry Index, a measure of shipping costs for commodities, posted its third consecutive week’s drop on March 13 on weakening demand for iron ore. . . However, rates for transporting crude oil from the Caribbean on Aframax tankers rose by 12 per cent as demand outweighed the number of ships available for voyages. Aframaxes were hired for an average rate of Worldscale 140, according to New York-based Poten & Partners, London-based Galbraith’s and Houston-based Lone Star, RS Platou, a decline of 1.8 per cent from earlier. Worldscale 140 is about $ 36,978 a day after expenses, such as fuel and port fees.”