Thanassis Martinos-led Eastern Mediterranean Maritime has secured a rare three-year time charter for a capesize bulker with Rio Tinto.
The transaction is unusually long in today’s market and is a deviation for East Med.
The Greek owner is typically seen as a spot player and has been running its capes on contracts of up to one year.
Rio Tinto is paying $23,300 per day for the 182,000-dwt Gortynia (built 2015) over 34 to 38 months, according to the Baltic Exchange.
Unlike many ships locked away on long term deals of late, the vessel does not have a scrubber.
Dry cargo market sources say the transaction is unique in the market and data supports it as the longest capesize time charter inked this year.
East Med also has a sistership on charter to Rio Tinto, making the latest ship a more attractive option, sources note.
Capesize rates sat at $25,326 per day on Tuesday, with analysts at Clarksons Platou Securities noting a softening of Brazilian voyages while activity is climbing in the Pacific.
