Diana Shipping buys capesize bulk carrier

Diana Shipping buys capesize bulk carrier

Diana Shipping has signed a memorandum of agreement (MOA) to acquire the capesize bulk carrier Churchill Bulker (179,362 dwt, built 2011) from Denmark’s J Lauritzen for $28.5m.

The vessel will be renamed Seattle and is expected to be delivered to Diana by mid-November.

The price is something of a comedown compared to deals for 2011-built capesizes reported sold over the summer while freight rates were high.

In late July, J Lauritzen sold Corona Bulker (179,400 dwt) for $33.6m to Marmaras Navigation of Greece. Early August saw South Korea’s Blue Marine get $33.5m for its cape Blue Cho Oyu (180,100 dwt), which was bought by Israel-based Mano Maritime.

Today’s capesize timecharter average spot rate is $8,118 per day, down $618 on yesterday’s level and more than 50% below its 2015 peak of $19,499 per day, seen on August 4, according to Baltic Exchange data.

Diana’s capesize fleet currently stands 13 vessels, excluding this new acquisition. A capesize newbuilding, New Orleans, is due for delivery from China’s Shanghai Waigaoqiao Shipbuilding in November, plus two more from CSSC Jiangnan Changxing in 2016.

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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