Genco Shipping & Trading says its booked rates for the third quarter are now lower than in early August.
The New York-listed bulker owner said in a filing that estimated time charter equivalent earnings to 30 September are $11,200 per day on a fleet-based basis.
The company has fixed 95% of available days for the period.
The figure is estimated from both period and spot fixtures, and is subject to change before the full financial results are released.
Factors that could influence the outcome include the timing of voyage revenue and voyage expense recognition.
In early August, the company said in its second-quarter report that rates were lower in the third period.
Genco had booked 61% of days at that point at an average of $12,262 per day.
Capesizes stood at $16,961 with 57% of the fleet fixed, while ultramaxes and supramaxes were at $9,512 on 64% of days covered.
Genco said it has 3,930 available days for the third quarter.
The bulker market has risen over the past week, however, as China imported record amounts of bauxite and South America exported high volumes of grain.
The Baltic Dry Index, a broad-based index of spot-market strength, surged 16.4% over seven days, ending on Friday at 1,381 points.
The Baltic Exchange’s capesize 5TC basket of spot-rate averages across five key routes jumped 24% over the same period to end the week at nearly $13,300 per day, hitting its highest level in almost four weeks.
The Supramax 7TC assessment rose 13.1% to $13,400 per day.
Profit beat estimates
Genco’s second-quarter profit slightly topped analyst estimates, as the owner again dipped into a reserve fund to fatten the shareholder dividend.
It was the second straight quarter it had resorted to the reserve to pay a $0.15 per share dividend, although there was a difference this time: rates that improved from the seasonally weak first quarter meant Genco would have paid out $0.13 per share even without tapping $830,000 from the $10.75m reserve.
There would have been no dividend for the first quarter without the reserve draw.
