Koch Shipping has continued to take in capesize bulkers on period contracts on a day that saw the Baltic Dry Index move above 1,000 points for the first time this year.
Koch, which TradeWinds reported in January to be amassing a vast chartered capesize fleet, has today added vessels from Diana Shipping and Sinotrans.
Diana’s 206,000-dwt Philadelphia (built 2012) has been chartered over an 11 to 13 month period at $15,600 per day, according to the Baltic Exchange.
The 180,300-dwt Great Zhou (built 2012), owned by Sinotrans, has been fixed for the same period at $14,000 per day.
Both rates are ahead of the $11,866 per day available in the improving spot market.
“Following the uncertainty surrounding the Chinese government's framework towards steel production cuts, we remain optimistic on continued strong production from its more economical mills as overall steel production margins remain firm at historical highs, incentivizing continued output,” said analysts at Clarksons Platou Securities.
Capesizes were again the main driver of the market today as the Baltic Dry Index climbed to 1,033 points, the first time since the middle of December 2016 that it has read in four figures rather than three.
In January it emerged that Koch, a major tanker charterer, had quietly amassed a fleet of 11 chartered capesizes via the newly-formed Koch Shipping.
With a target of up to 30 ships, Koch Shipping capesize operation was actively scouting candidates for 12 to 16-month charters through several European brokers.
Brokers list four other capesize charters to Koch since the start of 2017, with ships owned by Safe Bulkers, Diana, Navios and PIL tied up.
