Diana Shipping Secures Work for Panamax Bulker

BulkerIllustration. Image Courtesy: PxHere under CC0 Creative Commons license

Greek owner of dry bulk vessels Diana Shipping Inc. has signed a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Oceanis.

The gross charter rate is USD 9,200 per day, minus a 5% commission paid to third parties, for a period of minimum twelve to fourteen months. The charter is expected to commence on January 9, 2020.

The 75,211 dwt Panamax, built in 2001, was previously hired by Hong Kong-based Ausca Shipping Limited for a gross charter rate of USD 10,350 per day. The charter commenced in November 2018 and lasted until January 1, 2020.

The latest charter contract is anticipated to generate approximately USD 3.31 million of gross revenue.

Diana has been busy over the recent period with some fleet reshuffling, as it shed some of its older ships.

In 2019 alone, it sold the 2001-built Danae and Dione, the 2004-built Erato, the 2004-built Thetis, the 2001-built Nirefs , and most recently the 2005-built vessel Calipso.

Upon completion of the sale of m/v Calipso, Diana Shipping Inc.’s fleet will consist of 41 dry bulk vessels, with a combined carrying capacity at approximately 5.2 million dwt with a weighted average age of 9.56 years.

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