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Diana and Great Eastern panamaxes fixed on timecharter

Panamax bulk carriers owned by Greece’s Diana Shipping and India’s Great Eastern Shipping have been reported fixed on short-term timecharters.

Great Eastern’s brand-new kamsarmax Jag Ajay (82,000 dwt, built 2016) has been fixed to Louis Dreyfus for nine to 14 months at a rate of $6,500 daily, delivering promptly in Shanghai, according to Baltic Exchange reports.

The vessel was delivered earlier this month from the Jiangsu New Yangzijiang shipyard in China.

Diana’s Naias (73,546 dwt, built 2006) yesterday commenced a five- to seven-month period contract with agribusiness trader Bunge at a gross rate of $5,000 per day, minus 5% commission.

Bunge has also booked another of Diana’s panamaxes, Artemis (76,942 dwt, built 2006), for 10 to 13 months at $5,350 per day, minus 5% commission. The contract will commence on June 6.

The NYSE-listed shipowner expects the contracts to generate combined gross revenue of $2.3m for the minimum scheduled period.

The reported period rates are a little ahead of what the vessels could be earning in the spot market right now. Today, the Baltic Exchange’s weighted timecharter average rate for panamaxes was assessed at $4,650 per day, a $33 decrease on Thursday’s level.

London-based shipbroker Alibra Shipping today estimates six-month period rates of $5,800 per day for panamaxes in the Atlantic basin and $5,300 daily for those in the Pacific, which is more or less the same as last week.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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