Greek owner Diana Shipping has fixed one of its capesizes to Koch Shipping at a rate which will have dry bulk shipowners around the world on edge.
Diana has sent 2009-built capesize Houston on a time charter contract with Koch Shipping for 14 to 17 months at a rate of just $10,125 per day.
The rate is more in line with rates being fetched by Diana for its fleet of panamaxes, and almost half of the $19,000 per day previously being paid for the Houston by SwissMarine on its previous charter.
Nearly every other capesize in the Diana fleet is currently on charter at between $15,000 and $20,000 per day.
The Baltic Dry Index is currently sitting near record lows at just 634 points, having dramatically dropped from 1271 at year-end.