NEW YORK ( TheStreet) -- Eagle Bulk Shipping (EGLE - Get Report) said it had reworked a series of charter agreements with one of its main customers, Korea Line Corp., a troubled shipper that was forced to enter receivership earlier this year as rates for dry-bulk services collapsed amid an oversupply of new vessels entering the market.Under the new pacts, KLC will charter ten of Eagle's ships at $17,000 a day for each of those vessels. That's down from about $18,400 a day under the original charter agreements. The average going rate on the spot market for those types of ships, known as Supramaxes, stood at about $16,700 a day as of Friday, according to the Baltic Exchange, a London ship broker that tracks ocean-going freight rates around the world. The market remains depressed; a year ago, Supramax vessels were fetching a little more than $34,000 on the spot market.
Eagle Bulk Reworks Charter Pacts With Troubled KLC
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