While the cost of the current shipment is likely to have been agreed when it was chartered, the Baltic Dry index continues to fall which will decrease the CIF to FoB adjustment made in E25 contracts. The Baltic Dry is now down to levels only seen twice since 2017 (Jan-Mar19 and Jan-May20). Unfortunately the Baltic dry shipping cost index is jumping around a lot so there is no clarity on how long it will remain at these low levels.
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