The charter is expected to commence on or about July 28, 2011. The previous charterer (Hanjin Shipping Company Ltd.) had the option to redeliver the vessel at the earliest on August 18, 2011. However, they have agreed to compensate the owners for the difference between the new rate and the previous rate for the period from July 28, 2011 to August 18, 2011. Starting from August 18, 2011, this employment is expected to generate approximately US$3.65 million of gross revenues for the minimum scheduled period of the charter.
The Protefs is a 73,630 dwt Panamax dry bulk carrier built in 2004.