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Diana Shipping extends time charter contracts for two panamaxes

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Dry Bulk,


Diana Shipping Inc., through a separate wholly-owned subsidiary, has agreed to extend the present time charter contract with Phaethon International Company AG, for one of its panamax dry bulk vessels, the m/v Erato.

The gross charter rate for this is US$10 500/day, minus a 5% commission paid to third parties, for a period of minimum 14 months to maximum 17 months. The new charter period is expected to commence on 30 December 2017. The m/v Erato is currently chartered, as previously announced, at a gross charter rate of US$7250/day, minus a 5% commission paid to third parties.

The “Erato” is a 74 444 DWT panamax dry bulk vessel built in 2004.

Diana Shipping also, through a separate wholly-owned subsidiary, agreed to extend the present time charter contract with Phaethon International Company AG, for one of its panamax dry bulk vessels, the m/v Danae.

The gross charter rate for this is US$10 000/day, minus a 5% commission paid to third parties, for a period of minimum 13 months to about 16 months. The new charter period is expected to commence on 22 December 2017. The m/v Danae is currently chartered at a gross charter rate of US$775/day, minus a 5% commission paid to third parties.

The “Danae” is a 75 106 DWT panamax dry bulk vessel built in 2001.

In addition, the company, through a separate wholly-owned subsidiary, has entered into a time charter contract with DHL Project & Chartering Limited, Hong Kong, for one of its capesize dry bulk vessels, the m/v New York.

The gross charter rate for this is US$16 000/day, minus a 5% commission paid to third parties, for a period of minimum 16 months to maximum 19 months. The charter is expected to commence by mid-January, 2018. The m/v New York is currently chartered, as previously announced, to Koch Shipping Pte. Ltd., Singapore, at a gross charter rate of US$14 450/day, minus a 5% commission paid to third parties.

The “New York” is a 177 773 DWT capesize dry bulk vessel built in 2010.

The employment extensions of “Erato” and “Danae” as well as the employment of “New York” are anticipated to generate approximately US$15.99 million of gross revenue for the minimum scheduled period of the time charters.

Read the article online at: https://www.drybulkmagazine.com/shipping/22122017/diana-shipping-extends-time-charter-contracts-for-two-panamaxes/

 

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Panamax news Capesize news