Dry CargoEurope

Glencore extends timecharter of Diana Shipping panamax

Athens: Glencore Grain (Rotterdam) has extended its timecharter of a panamax bulker operated by New York-listed Diana Shipping.

The Arethusa (73,593 dwt, built 2007) was fixed at a net charter rate of $6,745 per day ($7,100 daily before commission) for a period of between 11 and 14 months, Diana said today.

The contract extension is expected to generate between $2.34m and $2.98m of gross revenue for the Athens-based company.

The new charter period is expected to commence on March 5, 2015.

The panamax segment is the only dry shipping market that has seen any growth this week. The Baltic Panamax Index has risen steadily from 434 points on Monday to 499 points today.

The BPI timecharter average followed suit, climbing from $3,466 daily to $3,984 daily over the course of the week.

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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