Cargill is said to have taken the 170,000-dwt Golden Trust (built 1996) for 15 to 18 months at $19,750 per day.

One-year deals for modern capesizes are probably now worth $21,000 per day, so the price difference in the Golden Trust deal is not that big, although the charter period is slightly longer than 12 months.

The Chinese owner should be solidly in the money on the deal.