Period Charter Stipulates Gulf of Aden As A No-Go Area

Greek shipowner Niovis Shipping nabbed the record for highest supramax period charter rate reported by the Baltic Exchange this week, as it fixed its 2003-built, 56,020 dwt Maroudio to an unknown charterer for a daily rate of $18,650, writes Eric van Den Berg.

The vessel was fixed from Djibouti for a period of four to six months and delivery in Port Said. Interestingly, the charter contract stipulates the vessel is not to navigate the Gulf of Aden, appearing to mark the first time this year the Baltic Exchange has reported such a clause.

Niovis Shipping declined to comment on the matter, however, market sources said the practice was quite common among charter parties and usually involved a penalty in rates. “Some do it, some don’t.”

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