Transgrain fixes a Diana panamax on timecharter

Transgrain fixes a Diana panamax on timecharter

Diana Shipping has fixed its panamax bulk carrier Protefs on a 12- to 16-month timecharter to Transgrain at a gross daily rate of $4,500, minus 5% commission.

The NYSE-listed company expects the contract to generate gross revenue of around $1.55m during the first 12 months, commencing on February 22.

The panamax was fixed at a rate 28% lower than what it was earning on its previous contract with Glencore Grain. The ship was fixed to the Rotterdam-based trader in April 2015 at a gross daily rate of $6,250 for 11 to 14 months. Protefs was scheduled to be redelivered on March 3 but the contract was terminated slightly early on February 18, for which Glencore will compensate Diana.

London-based shipbroker Alibra Shipping today estimates daily rates of $5,700 for a one-year timecharter of a panamax vessel in the Atlantic Basin or $4,900 in the Pacific.

Today, brokers also report that Louis Dreyfus Commodities has taken Arendals Dampskibsselskab’s panamax ADS Arendal (76,830 dwt, built 2004) on a two-year period charter at a daily rate of $4,950 from March 2.

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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