Dry CargoEurope

Quadra fixes ultramax and Diana kamsarmax on period charter

Geneva-based Quadra Commodities has fixed two bulk carriers on period charters during the past two days, including a kamsarmax owned by Diana Shipping.

The trader fixed the ultramax Young Harmony (63,600 dwt, built 2014), owned by South Korea’s Joong Ang Shipping, on a 10- to 15-month timecharter on Thursday. The firm period of the contract was fixed at $5,700 daily, plus an optional 10- to 15-month extension period at a rate of $6,100 daily, according to brokers’ reports.

Today, Quadra booked Diana Shipping’s kamsarmax Medusa (82,194 dwt, built 2010) on a period charter of over 11 months.

The gross rate was fixed at $6,300 per day (less 5% commission) for the duration of the contract, which is due to terminate between March 15, 2017 to and July 30, 2017.

Diana says it expects the deal to generate around $2.15m in gross revenue for the minimum scheduled period of the timecharter. The kamsarmax delivered to the charterer in Ho Chi Minh, Vietnam, on Thursday.

The gross rate is a slight reduction on what Medusa was earning during its previous contract with Clearlake Shipping.

The Gunvor subsidiary fixed the vessel on a 10- to 14-month timecharter in June last year at gross rate of $7,450 per day, less 4.75% commission for third parties. The ship was redelivered to Diana on Thursday.

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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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