Several midsize capesize bulkers have been fixed on period deals as freight rates in the spot market continue to hot up.
Greek owner Diana Shipping has fixed its 75,700-dwt panamax Selina (built 2010) to ASL Bulk Shipping at $26,500 per day for nine to 12 months, commencing on 1 September.
The Diana deal, like other period fixtures reported since Monday for panamaxes and kamsarmaxes, shows owners are taking cover for what could potentially be a weaker first half of 2022, as charterers try to stem their freight costs in today's ever-rising market.
The forward curve for panamaxes shows implied rates of roughly $35,000 per day for the balance of this year and day rates of around $25,000 during the first two quarters of 2022, according to Baltic Exchange data.
In the physical market, Baltic panellists assessed the weighted-average spot rate for panamaxes at $35,202 per day on Thursday, up by $233 on the previous day.
Diana, which is led by chief executive Semiramis Paliou, expects to make at least $7.3m in revenue from its deal with ASL, which will employ the vessel until between 15 June and 15 September 2022.
Three-year deal
Wednesday saw a rare three-year period deal for a kamsarmax, when Wisdom Marine Lines of Taiwan fixed its 82,235-dwt Scarlet Rosella (built 2015) to Canadian grain giant Viterra, according to Baltic fixture data.
The bulker, which will be delivered in China at the end of September, was fixed at the index-linked rate of 116.5% of the Baltic Panamax Index for 74,000-dwt vessels, which equated to $39,453 per day on Thursday.
Another kamsarmax was reported fixed on Monday, when UK waste business Agricore chartered the 81,604-dwt CBC Fuyi (built 2014) from CBC Ship Management of Shanghai for nine to 11 months at $28,500 per day.
An unreported charterer also took Globus Shipmanagement's 74,432-dwt panamax Moon Globe (built 2005) on Wednesday for five to seven months at $29,250 per day, delivering promptly in Singapore.
Supramax and ultramax fixtures
Two ultramaxes have been fixed since Monday on short-term period charters at daily rates above $42,000, the Baltic data shows.
Keiyo Kisen's 63,447-dwt CMB Jordaens (built 2019), which operates in the CTM Supramax pool, was reportedly fixed to Mitsui OSK Lines on Tuesday for four to six months at $43,500 per day. The ship will deliver promptly at Taicang, China.
Pacific Basin Shipping on Wednesday took a Spar Shipping-owned vessel for five to seven months at $42,500 per day.
The 63,266-dwt Spar Pavo (built 2016) will deliver to the Hong Kong-based charterer in China on 28 August.
The two reported deals were fixed some way above supramax 10TC freight forward agreements (FFAs) for the fourth quarter of 2021 and current spot rates.
The fourth-quarter FFA contract settled at $37,464 per day on Thursday, up by $1,197 from the previous day.
Baltic panellists assessed the average supramax spot rate, weighted across 10 key routes, at $37,809 per day on Thursday.
A 12-month period deal for an ultramax was booked at a slightly lower rate.
AM Nomikos' 61,612-dwt ultramax Elsa (built 2015) was reportedly fixed to Panocean for a year at $31,500 per day on Tuesday, with delivery in Shanghai on Friday and redelivering in the Pacific.
