Dry CargoEurope

Korea Line fixes Star Bulk capesize

Korea Line Corp has fixed Star Bulk’s capesize Star Angie (177,932 dwt, built 2007) on a 10- to 12-month period charter, according to Baltic Exchange data.

The daily rate was fixed at $8,500 daily, delivering before Tuesday in Bayuquan, China.

The rate is a slight reduction on the last reported one-year timecharter, which was fixed at $9,000 daily at the end of August, when Oldendorff took Simon LD (179,816 dwt, built 2014) for 12 to 16 months trading.

Nevertheless, the fixture shows charterers are still keen to lock in fixed rates while the capesize spot market surges.

The Baltic Capesize Index today increased by 15 points since Friday to 1,581 – the highest level seen since October 8, 2015, according to Baltic Exchange data.

The Baltic’s benchmark Tubarao to Qingdao (C3) route was today assessed at $11.718 per ton, the highest rate seen since 11 months ago.

Similarly, the Western Australia to Qingdao (C5) run was assessed as $5.864 per ton, its highest level since the first week of October last year.

Rates on the route were assessed $0.032 higher today than Friday, the most growth shown on any of the Baltic’s benchmarks, all of which advanced again today.

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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