AsiaDry Cargo

K Line panamax fixed on timecharter

K Line’s panamax bulk carrier Vittoria (78,259 dwt, built 2013) has been reported fixed on a 10- to 16-month timecharter to United, according to Baltic Exchange data.

The charterer has mitigated against future freight rate volatility by fixing the vessel at a rate based on the Baltic Panamax Index’s weighted timecharter average (TCA) rate plus 15%. The TCA rate was today assessed at $4,589, a $61 decrease on Friday’s level.

London-based shipbroker Alibra Shipping estimates one-year timecharter rates at $6,000 per day for panamax bulkers in the Atlantic basin and $5,500 daily for those in the Pacific.

Despite a fall in panamax spot rates, all other bulk carrier markets advanced today, which helped the Baltic Dry Index grow by six points on Friday to reach 612 today.

Vittoria reportedly delivered in Gibraltar on May 25.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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