'Gem of Madras'

The 'Gem of Madras' a 2008 built 56,120 dwt bulk carrier is on the market for US$30 million. It comes with a time charter to Korea Line www.korealines.co.kr at over US$30,000 per day. The question is whether the time charter will perform? Paying a premium for a above market contract is always risky. Korea Line's financials are also under pressure as they have a lot of chartered in vesselsand are eating through cash quickly.....