Harry Vafias fixes out capesize bulker trio at the highest rate seen for a decade
Deal with undisclosed charterer said to be priced at well over $30,000 per day
A trio of 15-year-old capesizes owned by Harry Vafias will be employed for the next two years at rates rarely seen for vessels of that type and age.
A charterer has agreed to pay between $31,000 and $32,000 per day to fix three vessels in the fleet of the Greek owner’s bulker arm Brave Maritime, sources say.
These are the 182,100-dwt Cape Evoluzione, the 179,300-dwt Cape Good Hope and the 181,700-dwt Cape Horn (all built 2010).
According to the brokers, this is the highest rate seen for such a duration in the last 10 years.
Harry Vafias owns 40 bulkers in his 105 strong group fleet, most Japanese built, 10 of which are capes!
Data on the Clarksons Shipping Intelligence Network does not provide benchmark earnings for two-year charters.
However, the reported earnings level for the Brave trio is definitely above the next comparable Clarksons benchmarks for one-year and three-year charters for 15-year-old vessels at $25,250 and $22,325 per day, respectively.
None of the three Vafias capesizes is equipped with a scrubber.
It is unclear if the deal reflects any particular circumstances or signals improving sentiment in an otherwise uncertain and volatile environment.
One explanation might be that soaring bunker prices in the wake of the Middle East war are pushing some charterers into time charter deals instead of voyage fixtures.
Sources suggest that the Brave charter began last week, when the war was in full swing, trapping more than 3,000 ships in the Middle East Gulf and disrupting exports from the region.
The three vessels’ current location suggests that — at least in its early phase — the charter will keep the ships employed in the Pacific iron ore trade between Australia and China.
Vessel trackers and shipping data banks show the Cape Evoluzione currently underway from Port Walcott to Qingdao with a load of Yandicoogina Fines — a medium-grade iron ore product from Rio Tinto’s operations in Western Australia.
The Cape Good Hope is sailing from Port Hedland to an unidentified Chinese port, reportedly with a load of MAC Fines — another medium-grade iron ore product primarily produced by BHP.
As for the Cape Horn, it is currently at the Whyalla anchorage in South Australia.
A lucrative, long-term time charter seems at odds with a generally subdued capesize market, weighed down by the Middle East conflict and the fuel shortages and increased insurance costs it brings.
tradewindsnews.com
