A difference of less than 1% may not sound like a lot, but for "capesize" shipping companies - companies which lease ships of over 150 tonnes to transport raw materials - it's proving to be a big deal.
Bloomberg has written a report which explains what a sorry state the shipping industry is in, and two charts in particular really hit home how bad things are.
The first shows how much earnings have dropped for leasing a capesize ship:
When demand for exports falls, so does demand for ships. As such, the cost of leasing a ship has fallen to a record low. But financing and operating these ships - crews, storage and maintenance still costs money - means that owners are losing about $14,000 a day per ship. Source: Bloomberg
At this point, you might think shipping companies just have too many ships and should sell off their surplus. But again we have the same problem: vessels are now worth less than ever. In fact their value is almost 50% less than their peak in 2014.
Many owners have borrowed to buy their shipping assets. If they bought a ship for $65 million, selling it for $35 million isn't a viable option. Source: Vessel Value
Unsurprisingly, share prices in the big shipping companies have crashed over the past year. Star Bulk Carriers Corp shares were $0.85 (£0.60) on March 10, while Golden Ocean Ltd were even lower at $0.69 (£0.49).
Short of a miraculous uptick in worldwide demand for goods, analysts say the only course of action is for shipping companies to junk their vessels. A record 85 ships were scrapped last year, but shipping analyst Herman Hildan says 340 would have to go in 2016 to get earnings back to normal, according to Bloomberg.