Diana Shipping Extends Glencore Charter at Lower Rate
- Business & Finance
The NYSE-listed dry bulk shipping company Diana Shipping has agreed to extend the present time charter contract with Glencore Grain B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v Atalandi, for a period of minimum eleven months to maximum fourteen months.
The gross charter rate is USD 7,000 per day for the first thirty days of the charter period and USD 8,000 per day for the balance period of the time charter. The new charter period is expected to commence on April 13, 2015.
The initial charter started in May 2014 at a gross charter rate of USD 13,500 per day.
The Atalandi is a 77,529 dwt Ice Class Panamax dry bulk vessel built in 2014.
This employment extension is anticipated to generate approximately USD 2.61 million of gross revenue for the minimum scheduled period of the time charter.