Athens: Hapag-Lloyd has extended its timecharter of a post-panamax owned by Diana Containerships by nine to 11 months, starting August 20, at a big discount.
Diana expects the extension to generate revenue of $4.42m for the minimum period, which is equivalent to a gross rate of around $16,370 per day – a 39% reduction on the original charter rate.
The Pucon (6,541 teu, built 2006) was originally fixed to Compania Sud Americana de Vapores (now merged with Hapag-Lloyd) for 18 to 30 months at a gross rate of $27,000 per day, starting September 20, 2013.
The contract included a clause whereby the charterer agreed to pay a lump sum equivalent to $6,000 per day for the outstanding period between the earliest redelivery date up to the maximum 30-month period of the charter if the vessel was returned early.
Because of this, the German carrier is also paying Diana $1.278m in early redelivery compensation for the outstanding period between August 20 this year and March 20, 2016.
The timecharter extension and compensation will together bring in $5.698m for NASDAQ-listed Diana Containerships.