Tuesday, March 5, 2013

Bulk Freight and Container Contracts for Diana Shipping Group

Company Covers All the Bases with a Variety of Vessels
Shipping News Feature

GREECE – The Diana Shipping group has had successes this week achieving contracts in both the container and bulk freight sectors. Diana Containerships, a specialist offshoot specifically formed to own and operate containerships, this week announced that it has extended its current time charter contract with A.P. Moller-Maersk, for its Panamax container vessel, the mv Sagitta. Meanwhile, the part owning parent company, dry bulk specialist Diana Shipping has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for its 174,186 dwt Capesize dry bulk carrier, the mv Sideris GS.

The Sagitta, a 3,426 TEU container vessel built in 2010, is to be chartered at a gross rate of US$7,250 per day (less a 1.25% commission) for a period of seven to eleven months, generating approximately US$1.5 million of gross revenue for the minimum scheduled period of the charter. This charter is a direct continuation of the present agreement and will commence on March 15, 2013. Diana Containerships is incorporated in the Marshall Islands and operates eleven of the Panamax box ships.

At a gross charter rate of US$13,500 per day,(minus a 5% commission) for a period of twenty one to twenty seven months, the employment of Sideris GS is anticipated to generate approximately US$8.5 million of gross revenue for the minimum scheduled period of the charter which is also expected to commence in the middle of March. Diana Shipping operates 32 bulkers of various sizes from Newcastlemax through to Panamax and has two newbuild Ice class Panamax vessels currently under construction for delivery later this year.

Photo: The Sagitta under way laden with Maersk boxes.