The tanker has been fixed by an undisclosed charterer for a year at a base rate minimum of $29,625 per day.

If the company had wanted more secure income it could have instead locked in the ship for the same period at a substantially higher rate.

Oslo-based broker Fearn­leys says the 12-month rate for a VLCC is $42,000 per day.

Navios will get 100% of the index rate if the spot market is above the base rate, up to $39,500 per day and 50% of any amount above that.

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