Belgravia | | Capesize | | 170,500 | | 2009 | | Time Charter | | $52,670 (3) | | August 2014 |
(3) In March 2012, the Company agreed an amendment to the time charter with Jiangsu Shagang Group Co., Ltd ("Shagang") whereby (i) the sum of $95,000 shall be deducted from future charter hire payments, which are each payable 15 days in advance, until the amount of $5.7 million has been deducted, and (ii) the sum of $5.0 million shall be pre-paid in one or more installments no later than five months following receipt by Shagang of a guarantee to be provided in accordance with the amendment.
In other words: Daily rate gets reduced by $6333 to $46337 for the next 900 days (until August 14) for a compensation payment of $5m
Some news to Sanko:
(4) In March 2012, the charterer, Sanko Steamship Co., Ltd., requested that the Company agree to a deferral in payments of charter hire. Sanko is currently in financial difficulties and has issued a press release stating that it intends to meet all financial obligations and to restructure and strengthen its balance sheet. The Company has been informed that Sanko is planning to present formal rehabilitation proposals to stakeholders at meetings in early June 2012.
