Diana Shipping Finds Work for Panamax Bulker

  • Business & Finance

Greek dry bulk ship owner Diana Shipping has entered into a time charter contract for one of its Panamax dry bulk vessels with Dutch grain distributor Glencore Grain B.V.

The vessel in question is the 77,901 dwt MV Ismene, which was hired at a gross charter rate of USD 5,850 per day, minus a 5% commission paid to third parties.

The 2013-built bulker was chartered for a period of about ten to thirteen months.

Diana Shipping said that the charter commenced on August 7.

The company added that it is expected to generate USD 1.67 million of gross revenue from the contract for the minimum scheduled period of the time charter.

In March, the shipowner secured a term loan of up to USD 25.7 million to finance the acquisition cost of two out of three Panamaxes bought earlier, including MV Ismene (previously named MV Infinity 9).

Granted under the agreement with ABN AMRO Bank N.V., the proceeds were used to finance the entire purchase cost of MV Ismene and MV Selina, which joined Diana’s fleet in March.

The vessel was previously chartered to Glencore Grain at a gross rate of USD 7,825 per day.

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