Navios Maritime Holdings has locked away two capesize bulkers into year charters as period rates are hold up against pressure from a falling spot market.
Germany's DHL has chartered the Greek shipowner's 181,000-dwt Navios Gem (built 2014) for a year at $21,000 per day with delivery in Shanghai next week, according to the Baltic Exchange and broker sources.
The deal puts the $39m ship on a fixed rate after it spent the past 15 months on charter to Koch Logistics on a deal indexed at the spot rate plus 20%.
Shipbrokers stress that this is a top quality vessel, but still question whether such high earnings can continue in the capesize sector if the spot market does not start climbing. TradeWinds is told Navios was pushing for an even stronger rate of $22,000 per day.
The spot market for capesizes has continued to drop and is now at less than $10,000 per day.
Alibra Shipping said in its latest weekly report that capesize period rates stand at $18,750 per day for period charters, down from $20,000 per day a week earlier.
Brokers report that New York-listed Navios Maritime has also fixed out another of its capesizes, the 171,000-dwt Navios Equator Prosper (built 2000). The ship has gone to an undisclosed charterer for a year, but for a rate indexed to the spot rate, minus 6%.
