NEW YORK ( TheStreet) -- Eagle Bulk Shipping (EGLE) 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
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.