And @rocket973, you will have noticed I made a silly mistake in some price metrics being per ton, while others were in per day. Oops but the net lower shipping cost would appear to still apply. Is there any good industry conversion formula to convert daily shipping rates to per ton rates?
I don't work in the shipping industry but here go's. Looking at normal shipping, not what is happening on this one, if you filled a ship to 50kt and had a $30/t cost, shipping would be $1.5m. If the cumulative rental length was 50 days and you paid $23.6k/day, shipping would be $1.2m. A 60-80kt ship could be loaded to 50kt so the reduced price is still applicable. I'm not sure how good 50 days is as a current estimate including port delays - I'm hoping the reality is less but I'm not sure by how much. I do however plan to follow Top Fair who are current at Port Hedland, having left Humen China on the 20th Nov. From an earlier post this ship was commissioned by E25. https://www.vesselfinder.com/vessels/TOP-FAIR-IMO-9574846-MMSI-352202000
E25 Price at posting:
$1.08 Sentiment: Buy Disclosure: Held
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