The SWS-built, 186,000-dwt Cape America (built 2014) has been taken by Anglo-Australian miner Rio Tinto.

Period charters of this length are rare, given the uncertain market situation. The ship is, like a series of sisterships built to U-Ming’s own low-draught, wide-beam specifications, attractive for some charterers, TradeWinds is told.

Although the rate is significantly higher than other period deals, Taiwan’s U-Ming will be hard pressed to turn a profit on it, given that the ship was reportedly ordered for $49.8m.

Rio