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Navios and Diana panamax bulk carriers fixed on period charter

Two panamax bulk carriers owned by Diana Shipping and Navios Maritime have been reported fixed on period contracts on a day that has seen spot rates in the panamax market weaken.

Diana’s Alcyon (75,247 dwt, built 2001) was fixed to Norden for 12 to 16 months at a gross daily rate of $5,000, minus 5% commission. The NYSE-listed shipping company expects the contract to generate $1.8m in gross revenue during the minimum period of the charter.

Meanwhile, Navios Alegria (76,466 dwt, built 2004) was reported fixed to Nordic on a four- to seven-month period charter at $5,750 per day, according to Baltic Exchange reports.

The vessel will deliver to the charterer in Chiwan, China between May 8-10, just after it concludes its current charter with Noble Group. The vessel has been earning $7,000 daily since commencing the contract in July 2015.

London-based shipbroker Alibra Shipping today estimates six-month and 12-month period rates for panamaxes in the Pacific basin at $6,000 and $6,200 per day respectively. The Atlantic basin currently offers a premium of up to $300 per day, according to estimates.

In the spot market today, rates were assessed lower again on all the Baltic Exchange’s benchmark panamax routes. The Baltic Panamax Index’s weighted timecharter average (TCA) rate lost $146 on Tuesday’s level and was assessed at $4,963 per day.

Spot rates in all dry shipping markets have taken a tumble, causing the Baltic Dry Index to fall 30 points to 652 today.


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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