OCNF ~ another one hit hard by the global slowdown. They announced they were suspending the dividend and they renegotiated the charter rate for one of its ships from $42,000 per day to $16,000 per day. Now thats a HAIRCUT.. :)
The M/V Augusta, a 1996 built 69,953 dwt Panamax dry bulk carrier commenced a three year time charter as of November 18, 2008. Given the significant decline in the drybulk market, prior to the commencement of the charter, the Company agreed to renegotiate the daily charter rate from $42,100 per day, as had been originally agreed under the prevailing market conditions at that time, to $16,000 per day and to amend the period of the time charter from a minimum of 34 months and a maximum of 37 months to a minimum of 35.5 months and a maximum of 40 months.
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