Faced with sharp increases in fuel prices, the traditional voyage charter model is under pressure.

BHP recently broke with convention by chartering the “Maran Vision” on a time charter basis to transport iron ore from Western Australia to China.

Industry insiders describe the daily charter rate as “very healthy”; although details have not been disclosed, the move is intended to “lock in” transportation costs in advance.

One market observer noted, “The key to choosing a time charter is achieving cost control amid sharp fluctuations in fuel prices.”

Currently, fuel costs have become the key variable in freight rates—on the Western Australia–China route, fuel costs now account for approximately 25% of total expenses.

Since January of this year, global marine fuel prices have doubled, with VLSFO reaching $1,022.50 per ton.

Although major mining companies are exploring ways to adjust their strategies, brokers note: “There have not yet been any large-scale inquiries for time charters.”

Similar attempts have already been made in the coal shipping sector, which may signal a new trend. Analysts believe that against the backdrop of distorted pricing mechanisms, time charters may become a new tool for leading shippers to manage risk.