Greek shipowner DryShips has entered into a time charter with an unnamed coal and steel trader for its fourth and last of its 206,000 dwt Newcastlemax drybulk vessels.
As disclosed, the contract has a duration of about one year, with a gross rate linked to the Baltic Capesize Index (5 T/C route) plus 20%.
Under the terms of the contract, the charter will commence upon the delivery of the vessel, expected in July 2017.
DryShips has four Newcastlemax drybulk vessels, three of which are expected to be delivered in the third quarter of 2017.
The quartet was bought in March for a total of USD 124 million as the company availed of historically low prices on the second-hand market.
Two of the 2014-built Newcastlemax bulkers are planned to be employed under time charter contracts, while the other two will trade in the spot market.
The company’s bulker fleet also comprises thirteen Panamax drybulk vessels, and five Kamsarmax drybulk vessels.