Greek dry bulk operator Starboard Shipping & Trading has contracted a panamax for a year as Clarksons data showed period rates in the sector are dipping.
Data from the Baltic Exchange showed that Starboard chartered Shih Wei Navigation’s 76,500-dwt Modest SW (built 2012) for a year at $14,200 per day.
The charter is set to begin between Friday and Sunday, when the Oshima Shipbuilding-constructed vessel completes dry docking in China.
Starboard can return the vessel anywhere in the world at the close of the charter, according to the Baltic Exchange.
The charter comes after shipbroker Clarksons on Friday estimated that a 75,000-dwt panamax in the Pacific basin could fetch a one-year charter at $13,750 per day, down from $14,000 a week earlier and $14,250 on 20 September.
The rate fetched by the Modest SW is lower than the last-reported deal of around a year for a panamax of this size, which saw the 77,500-dwt Atalandi (built 2014) garner $14,600 per day in a July contract with Cargill.
But it is better than prevailing spot rates. The Baltic Exchange’s assessment of average time-charter rates, which contemplates larger 82,000-dwt vessels, fell to just under $12,300 per day on Tuesday.
The Modest SW adds to Starboard’s chartered fleet of 31 bulkers, ranging in size between supramax and kamsarmax.
That list includes one other vessel from Taiwan-based Shih Wei, a Taipei-listed shipowner with 26 bulkers, a multipurpose ship and a passenger vessel in its fleet.
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