Gearbulk chairman Kristian Jebsen announced his intention to renegotiate charter terms with Japanese tonnage providers earlier this week.
In a press release, Jebsen described the trading market as “grim”. He pointed out contracts with the Japanese owners were based on newbuilding prices and charter rates that are no longer sustainable in today’s dry bulk market.
Jebsen said: “I think we have to realise that the current challenging climate, abounding with uncertainties and unpredictability, will continue for the foreseeable future.
