Tor Olav Troim-backed 2020 Bulkers has moved another of its newcastlemaxes on to a fixed-rate charter as rates fall.
The 208,000-dwt Bulk Sandefjord (built 2019) has been switched from an index-linked deal to one that guarantees $14,392 per day until the end of next March.
The vessel will also earn a premium related to the fuel cost savings of $4,500 per day from its scrubber.
The rate is above the average of the Baltic Exchange’s 5TC Capesize Index during September of $11,781 per day.
In August last year, the Bulk Sandefjord was fixed at a rate of $54,000 per day between 1 September and 31 December 2021.
In September, 2020 Bulkers achieved average time charter equivalent earnings of $22,900 per day.
The six ships trading on index-linked deals at that time earned $18,500, while the two on fixed rates banked $35,900.
Last month, the 208,000-dwt Bulk Sao Paulo (built 2020) was also switched from an index-linked contract previously.
This means half the fleet of eight vessels are now on fixed-rate charters.
The Bulk Sao Paulo will earn $16,146 per day from 1 October until 31 March.
It was fixed to trader Glencore for three years from 2020, but the index-linked rate was not reported.
Fearnley Securities said that between July and August, the owner has locked in a 60% premium on its vessels at average rates of $23,700 per day.
The Baltic Exchange’s 5TC bulker index averaged $14,800 in the same period.
