Diana’s Panamax Bulker to Work for Phaethon International

BulkerIllustration; Source: PxHere under CC0 Creative Commons license

Greek dry bulk vessel owner and operator Diana Shipping has entered into a time charter contract with Phaethon International Company AG for one of its Panamax dry bulk vessels, the m/v Ismene.

As informed, the gross charter rate for the 77,901 dwt ship is USD 10,800 per day for a period of minimum thirteen to about fifteen months.

Compared to the previous charter with Singapore’s Koch Shipping of USD 12,125 per day, the charter rate is now lower.

The 2013-built bulker is expected to start working for Phaethon on January 11, 2020.

This employment is anticipated to generate approximately USD 4.21 million of gross revenue for the minimum scheduled period of the time charter, the company said.

Once the previously announced sale of the m/v Calipso is completed, Diana Shipping’s fleet will comprise 41 dry bulk vessels. As of today, the combined carrying capacity of the company’s fleet is approximately 5.2 million dwt with a weighted average age of 9.56 years.

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