And two more commodity-price related charts to finish off the week. The first one plots oil tanker real daily rates for the past 33 years. Interesting that whilst current rates are certainly low ($34,000 per day) they do not appear to be as low as they were in the first half of the 1980s... but, wait a moment! The rates for the 80s refer to a 250,000 ton single hull vessel, whereas the current rate refers to a 285,000 ton double hull vessel, so perhaps real rates are closer to the 1980s bottom that it appears at first sight.
Tanker rates have, of course, not fallen as much as dry bulk rates (iron ore, coal, grain) with the Baltic Exchange's Dry Index currently being nearly 80% below what it was at its peak in May last year, despite a tremedous rally since hitting the botton at the beginning of December (it has increased by 350% since!).
