In the Nasdaq-quoted company’sfirst-quarter conference call chief executive George Karageorgiou said itintends to increase time charter coverage in the fourth quarter.
“As you know, usually the fourthquarter in every year is the strongest quarterand we are waiting for rates to pick up significantly and when that occurs thenwe will be book maybe two or three of our vessels under medium-term charters,” he explained.
Karageorgiou,who pointed out that five of his Athens-based company’s seven bulkers are currentlytrading in the spot market, indicated that Globus will likely pursue timecharters with durations of six to 12 months but no more than 18.
If freight rates don’trally in the second-half of 2014 the executive said the operator does notintend to seek period work. Today, panamaxes and supramaxes are seeing rates ofaround $11,500 and $13,000 on average, respectively, when fixed for a year.
