Ann: AGM Presentation, page-43

Rocket, Good to hear that you are looking to buy. A 10% change in the top end of your planned price and you are buying at market .

While you note shipping costs are rising, what your linked article accidentally confirms is that further shipping improvements are available from what will be reported in the December quarter. My understanding is that the Baltic Dry continued to fall through to mid-November. E25 locked in a price late Oct/early Nov that represented a 45% fall from peak rates. It was still elevated being in the low $30's (ref 4 Nov):

From the article you helpfully linked, a ship size slightly larger than E25 used this time has a new price point of $23,586/t. If the prices stay at this level and this price is applicable for E25, the next shipment around late Feb should see further reductions.