ICBC Leasing (ICBCL) has revealed the ceiling rate on a set of long-term kamsarmax charters with US grain trader Bunge, and at $15,000 per day it is better than the market thinks.

But specifics of a profit sharing arrangement above the ceiling are still under wraps.

TradeWinds reported in February on a quartet of kamsarmax newbuildings that the Beijing-based lessor in co-operation with Shandong Shipping Corp was planning to order at a price of $27m per ship for seven-year charter to Bunge.

The four 81,200-dwt ships were subsequently ordered at Cosco Shipping Heavy ­Industry (Yangzhou).

TradeWinds reported last week that Chinese shipfinanciers are worried the deal's conservative terms give away potential upside to Bunge through the lack of profit sharing on upside above a low ceiling rate. Sources in the Chinese shipfinance market think tat could influence rates in the charterers' favour.

An ICBCL official told TradeWind last week that in the current market, the company was "more looking at protecting ourselves on the downside than looking at the ­possible upside".

But this week an ICBCL spokesman says the reported $13,000 per day charter ceiling is too low but does not comment on the reported floor rate of $8,500 per day.

“Co-operating with Shandong Shipping, ICBCL provides a long-term index-linked time charter for Bunge with ceiling rate of $15,000 per day, above which lessor and lessee will have a profit share system,” said the spokesman.

The Beijing based lessor is reticent about the specifics of the profit sharing.

In response to further questions from TradeWinds about whether ICBCL and Bunge would share profits equally above the ceiling, or otherwise which side would get the greater share, the company spokesman said ICBCL "cannot disclose [the profit-share] because it involves confidential commercial information".