Scorpio Bulkers has taken time charter cover on 11 of its vessels.
New York-listed Scorpio has locked in charters on seven ultramaxas and four kamsarmaxes which will largely cover the ships through the seasonally weak first quarter.
One of the kamsarmax contracts runs until February 2019, with the other three extending until April and May at rates of up to $16,000 per day.
The ultramaxes have been locked in at similar levels, with one deal ending in February but the majority finishing after the close of the opening quarter of next year.
Scorpio Bulkers has made its play at a time when dry cargo spot rates have been consistently climbing.
Last week was the sixth in succession in which rates for mid-sized bulkers climbed, reaching levels not seen since 2011, according to Deutsche Bank.
"The mid-sized segment continue to be supported by increased coal volumes along with ramping volumes on the Atlantic grain trade," its researchers said in a report yesterday.
This has transferred to the period market where panamax bulkers have seen period rates climb for the past four weeks.
