Although the rate is far lower than break-even for the ship, it is better than the $10,500 per day that the capesize has been earning for the past 13 months.
Both the Heroic and a sistership, Epic (built 2010), have been on charter to Classic since they were new. In March, the Epic’s charter was extended by 11 to 13 months at $31,000 per day, showing how volatile the period market for capesize bulkers can be.
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