Further earnings erosion... it's like a mudslide in this sector. Two cape charters expire or have in the last month.
One at $17k another at $49k. IF they can get a charter, they might find someone willing to go $12k for a year. So knock $42k a day off the net....wait a tick, they don't even bother to TELL us the net income.
If they DID, they'd have to take $3.86 million out of it for the quarters without these two charters. It sure seems those new to this sector haven't a clue as to how legacy time charters ending are tanking earnings across the industry. DSX will go from $0.25 net income a year ago to a loss for this Q report coming in May.
For EXM, there isn't much more time charter erosion THIS year, as much of their fleet is already earning nothing. They are looking at 10 or more other resets this year, but rates are not that much lower now than what they have. Maybe drop 10-20% in some cases.
would assume he is referring to the Iron Miner - 17k/day which should have expired in march, and the Kirmar - 49k/day which is expected to expire in may. looks like a few other charters expire for various asset classes within their fleet, but these charters appear in the very low teens.