Bocimar has terminated its counterparty default insurance but the motive behind the Belgian bulker operator’s move remains a mystery.

When contacted by TradeWinds, executives at the Compagnie Maritime Belge affiliate said it will pocket a $120m payment under the framework of the agreement but failed to elaborate further.

In a statement that followed news of an order for up to ten handysize bulkers, the company told investors that the cash will be spread over the remaining periods of the previously insured contracts.