Navios and Scorpio capesizes fixed on timecharter as rates rise

Navios and Scorpio capesizes fixed on timecharter as rates rise

Two more capesizes have been reported fixed on period contracts to major charterers as rates continue to climb to near six-month highs.

Scorpio Bulkers’ brand-new Cape Owl (180,000 dwt, built 2016) has reportedly been fixed to Cargill on a four- to six-month timecharter at a daily rate of $9,600, according to Baltic Exchange data. The reported rate shows six-month period rates appear to have recovered to levels seen in late October and early November last year.

Cape Owl will commence its new contract upon delivery from South Korea’s Sungdong shipyard, which is scheduled for May, according to brokers.

It is the second capesize Cargill has fixed on period charter so far this week, having reportedly fixed Transmed’s Ekaterini (173,555, built 2012) on Monday for nine to 13 months at $7,500 daily.

Navios Maritime’s Navios Ray (179,397 dwt, built 2012) was also today reported fixed to Noble for five to eight months at $8,500 per day. The vessel will deliver to the charterer at Rizhao, China during the first week of May.

Spot rates today rose again on most benchmark routes in the capesize market, which helped the Baltic Capesize Index (BCI) advance 25 points to 1,160.

The BCI’s weighted timecharter average (TCA) was today assessed $381 higher at $9,170 per day, a level not seen since late October 2015.

 

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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