Some owners have chosen to lock in their ships on period charter in a bid to avoid such disastrous results.
New York-listed Diana Shipping has fixed the 177,000-dwt New York (built 2010) to Clearlake for 14 to 18 months at $12,850 per day.
Two Navios Holdings ships have also been fixed, albeit at market rates. The 179,000-dwt Navios Ray (built 2012) has been taken by an undisclosed charterer for a year at $8,500 per day, with a 50% profit split on excess earnings.
