Diana Shipping extends post-panamax charter at reduced rate

New York-listed Greek bulker owner Diana Shipping has won an extension of a time charter contract for one of its post-panamax vessels with Belgium’s Cobelfret.

Diana Shipping agreed on an extension for its 2012-built, 98,697 dwt bulker Amphitrite. The original deal for the vessel started on November 10, 2022, and was extended in early January this year.

The new extension, set to begin on December 31, 2024, will last until a minimum of January 1, 2026, up to a maximum of March 15, 2026.

The gross charter rate is $8,750 per day for the first 50 days of the charter period and $12,100 per day for the balance period of the time charter, minus a 5% commission paid to third parties. In total, Diana Shipping will bag $4.22m of gross revenue for the minimum scheduled period of the charter.

The dayrate is lower compared to the previous extension which was $12,250 per day for the first 30 days of the charter period and $15,000 per day for the balance period of the time charter, minus a 5% commission paid to third parties.

Diana Shipping’s fleet consists of 38 dry bulk vessels – four newcastlemaxes, eight capesizes, five post-panamaxes, six kamsarmaxes, six panamaxes, and nine ultramaxes.

The company also expects to take delivery of two methanol dual fuel new-building kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.

Currently, the combined carrying capacity of the fleet excluding the two vessels not yet delivered, is approximately 4.2m dwt with a weighted average age of 11.23 years.