She did it (again).
The inkt on the NSAC contract was not yet dry and there she is.
The opex rates for $NMCI (the container arm in the group) are up starting 2020/01/01.
Schedule B, paragraph 1, is hereby amended and substituted in its entirety: In consideration for the provision of the Services listed in Schedule “A” by NSM to NMCI, NMCI shall, during the term of this Agreement, pay NSM:1. Until December 31, 2019, a fixed daily fee of US$6,100 per day for container vessels up to 5,500 TEU, US$6,700 per day for container vessels above 5,500 TEU and up to 8,000 TEU, and US$7,400 per day for container vessels above 8,000 TEU and up to 10,000 TEU, payable on the last day of each month.2. Commencing January 1, 2020, a fixed daily fee of US$6,265 per day for container vessels up to 5,500 TEU, US$7,830 per day for container vessels above 5,500 TEU and up to 8,000 TEU and US$8,320 per day for container vessels above 8,000 TEU and up to 10,000 TEU, payable on the last day of each month for two years (months one to twenty-four), (the “Fixed Daily Fee”); unless the parties agree otherwise, for each 12 month period after such two years, a 3% increase of the Fixed Daily Fee per Owned Vessel. In addition, NMCI shall pay to NSM dry-docking expenses at cost for each Vessel (together with the Fixed Daily Fees described in the preceding sentence and any applicable value added, sales or services taxes, the “Fees”).
For $NMCI this means that starting 2020 more or less $ 2,000,000 is sucked away per quarter.
This is the scenario I was afraid of.
These opex rates are in line with what e.g. Global Ship Lease is paying, but higher than the rates Costamare is paying.
I expect similar rates will be charged to $NMM and also the other rates (Supramax, Panamax & Capesizes) will go higher.
Damned Angelicki ! You gave all the bashers another stick to hit you !