Diana Finds Work for Panamax Duo

NYSE-listed dry bulk specialist Diana Shipping Inc. has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamaxes – the m/v Naias, as well as with Norden A/S, Copenhagen, for another of its Panamax bulkers – the m/v Thetis.

The gross charter rate for the 2006-built, 73,546 dwt Naias is USD 6,800 per day minus a 4.75% commission paid to third parties, for a period of minimum ten months to maximum thirteen months. The charter started on July 12.

The rate for the 2004-built, 73,583 dwt Thetis is USD 7,000 per day, minus a 5% commission paid to third parties, for a period of minimum eleven months to maximum fourteen months. The charter is expected to start on July 14.

The employments of Naias and Thetis are anticipated to generate approximately USD 4.35 million of gross revenue for the minimum scheduled period of the time charters.

The Thetis was previously chartered to EDF Trading Limited, UK, at a gross charter rate of USD 8,300 per day, while the Naias was chartered to Bunge S.A., Geneva, at a daily rate of USD 5,500.

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