According to the Baltic Exchange, Mercurialocked in the 164,200-dwt NGM Sailor (built 1996) for 12 months at a rate of$18,900 per day.
By comparison, capes trading in the spotmarket are currently seeing daily levels of around $8,600, which is 8.9% higherthan the figure recorded a week ago but 3.4% below the premium charterers werepaying yesterday, Global Hunter Securities told clients Tuesday.
There are also rumours that GeorgeEconomou’s Classic Maritime fixed the 177,600-dwtKing Sail (built 2002) for 11to 13 months in a deal sealed at $23,000 daily but some believe there was adiscount for the first 40 days in which the rate will be based on the BalticCapesize Index.
While capes seeking period work haveseen daily levels of around $21,000 on average over the past seven days oneleading shipbroker tells TradeWinds that many operators are opting not topursue time charters at this point in the cycle as they believe the spot marketis poised to pop.
Others, like Benjamin Nolan of Stifel,fear it could take up to 12 weeks for rates to return to where they were in theweeks leading up to the Chinese New Year since steel inventories in China areat a 15-month high, which could impact near-term demand for iron ore.
“Although we do believe the dry bulk market is in theprocess of a cyclical recovery, we also believe the data shows that a recoveryin rates is likely to be more protracted than immediate,” the Wall Street equityanalyst warned clients in a recent market briefing.
