The latest cost reduction measure initiated by Gearbulk is the renegotiation of charter rates with Japanese shipowners who have their vessels on long term charters to the company. As an industrial tonnage provider, Gearbulk needs at all times to operate a competitive fleet balanced with cargo commitments; a number of the charter contracts made in earlier years are based on newbuilding prices and rates which are no longer sustainable going forward.
“The unforeseen and unfortunate pandemic crisis...