Diana Shipping agrees new capesize charter with Cargill at substantially lower rate

Diana Shipping agrees new capesize charter with Cargill at substantially lower rate

Greek owner Diana Shipping has entered into a new time charter contract with Cargill for 2005-built capesize Salt Lake City.

The charter commences on March 14 and is for 20 to 23 months at a rate of $9,750 per day, substantially lower than the $16,250 per day previously being paid by Cargill.

Less than two weeks ago, Diana fixed another of its capesizes to Koch at $10,125 per day.

While the rates are substantially lower than previous fixtures announced by the company, Advanced Shipping & Trading reports spot prices for capes last week as low as $2,100 per day. Rates on the West Australia / China route remain in the mid-$4,000 to high-$4,000 range.

Diana says this latest fixture will generate around $5.85m based on the minimum time charter period.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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