Diana Shipping has fixed its Newcastlemax bulker Philadelphia to Germany’s RWE Supply & Trading on an 11- to 14-month timecharter at a gross rate of $6,450 per day, minus a 5% commission .
The NYSE-listed company expects the contract to generate around $2.13m of gross revenue during the first 11 months. The charter period commenced yesterday.
The vessel was fixed for almost one-third of what it was earning during its previous employment with EDF Trading. The super-cape began a four-year timecharter to the Norwegian trader in May 2012 at a gross rate of $18,000 daily.
In spite of the weak trading conditions, the capesize market has shown slight progress over the past two days. Today, the Baltic Capesize Index advanced by 20 points to 206, after reaching a record low of 185 on Tuesday. The uptick comes as a result of renewed demand for iron ore imports in China ahead of Chinese New Year.
Diana’s other Newcastlemax, Los Angeles (206,104 dwt, built 2012), was booked by SwissMarine Services in December for 12 to 15 months at a gross rate of $7,750 per day, minus 5% commission.