Need to Ship? Freight Rates Turn Negative
If you’ve got a few tons of stuff to ship several thousand miles, today is your lucky day.
That’s because shipping rates have just gone negative.
According to Bloomberg News, shipping operator Global Maritime Investments rented out a vessel to commodities trading house Glencore International at a ridiculous rate of negative $2,000 a day.
That means GMI, one of the world’s largest privately owned freight trading groups, essentially paid London-based Glencore to ship its grain to Europe from Australia. GMI likely picked up the tab for fuel costs, which are typically paid for by the chartering group.
“They’re doing this because you can’t just have ships sitting. If they sit too long, then that’s hard on the ships. They have to keep them loaded and moving from port to port,” said Darin Newsom, senior commodities analyst at DTN.
Posted: 05/19/2013 12:24:00
Posted: 05/17/2013 08:09:00
Posted: 05/09/2013 02:52:00
CIO Midmarket Summit
LOCATION: Miami, FL - A forum for innovative technology leaders in the midmarket segment. June 2-4, 2013 For more information...Jun 2, 2013
Northwest Middle Market Conference
LOCATION: Seattle, WA - The annual conference is the largest of its kind in the Northwest and has becomeAug 1, 2013
Middle Market Americas Conference 2013
The middle market is the growth engine of the future for economies in the Americas. While this segment is alreadySep 13, 2013
Midsize Enterprise Summit West 2013
LOCATION: Phoenix, AZ || Today’s Midsize Enterprise CIOs are tackling their toughest challenges ever in face of a tech landscapeSep 22, 2013
National Summit for Middle Market Funds
The Summit offers a unique environment to connect with fund managers, limited partners, investment bankers and select service providers overOct 13, 2013