2016 was a horrible year for shipping rates, with the Shanghai CCFI index falling 18% on average for the year vs. 2015, while the Baltic Dry and Dirty Tanker Indexes dropped 5% and 9% respectively. Yet, the final quarter showed a recovery as demand improved and Hanjin Shipping’s demise tightened supply. Average 4Q container rates increased 9%, bulk rates by 36% and tankers by 45%. The latter was driven in part by a 9% rise in the fourth quarter in oil prices, but this also drove a 19% jump in bunker fuel costs – which could eat into shippers’ fourth quarter margins. The outlook for 2017 ...