Dry CargoEurope

Diana capesize gets new timecharter as dry market edges lower

Geneva-based SwissMarine Services has taken Diana Shipping’s capesize  Aliki on a 11- to 14-month timecharter at a gross rate of $5,300 per day, less 5% commission.

The NYSE-listed company expects the contract to generate around $1.75m of gross revenue for the minimum 11-month period of the charter.

The charter commences on Saturday and was fixed at an 80% reduction in daily earnings compared to its previous employment.

Aliki has just concluded a five-year timecharter to China’s Minmetals Logistics Group, which was fixed in March 2011 at a gross rate of $26,500 per day, minus 5% commission.

The massively reduced rate shows the ever-weakening state of dry bulk shipping markets. The Baltic Dry Index today fell to a new record low for the ninth time in as many consecutive trading days. It was assessed at 373 points, having fallen 10 points since yesterday.

Similarly, the Baltic Capesize Index is at its lowest ever level and was assessed at 198 points today, down 27 on yesterday. The index’s weighted timecharter average rate today is $2,748 per day, a decrease of $198 – another historic low.

London-based shipbroker Alibra Shipping today estimates one-year timecharter rates for capesize vessels at $5,750 daily for ships in the Atlantic and Pacific basins.

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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