Greek owner OceanPal has had to refix a panamax bulker for $4,650 per day less after losing a charter agreed earlier this month.
The Nasdaq-listed Diana Shipping spin-off had chartered out the 74,000-dwt Calipso (built 2005) to Crystal Sea Shipping on 11 February for $22,500 per day over three months.
This was a big improvement on its previous deal at $13,850.
But the charterer scrapped the contract after OceanPal was unable to deliver the ship in the agreed window due to unforeseen delays during berthing and discharging operations.
These were unrelated to the condition of the vessel, the shipowner said.
The deal has been replaced with a 25-day time charter to Atlantic Coal And Bulk at $17,850 per day.
OceanPal’s fleet currently also consists of one other panamax and a capesize.
The Crystal Sea deal was expected to generate $1.69m over the minimum term of 75 days.
Chief executive Eleftherios Papatrifon had said at the time that the charter was considerably higher than the rate for a deal agreed at the end of January.
“We view this as a significant sign of the market upturn and our company is ready to take advantage of the anticipated higher rates when fixing the next employments for our vessels that will be opening up,” he had added.
Rates softer for bigger bulkers
Clarksons Research has since noted a softening at the larger end of the bulker sector.
Non-scrubber fitted capesize spot earnings fell 28% week-on-week to $8,047 per day on Friday.
Momentum was sustained in the smaller sectors, however, with average 38,000-dwt handysize earnings increasing by a further 11% to $24,000.
The company’s seaborne coal trade indicator fell 21% year-on-year to a 10-year low in January, with Indonesia’s coal export ban having a major impact.
Iron ore was up 1% and grain 1.9%, however.
