Friday, November 19, 2010

New Post Panamax Dry Freight Bulk Carrier For Diana

Greek Group Reveals Charter Update Details
Shipping News Feature

GREECE - Dry bulk cargoes specialist Diana Shipping Inc has added a new 2010 built, 93,000 dwt freight vessel to its fleet which, in addition to the new ship the Alcmene, first in the class for the firm, now includes fourteen Panamax and eight Capesize with two more vessels in excess of 200,000 tonnes under construction. Alcmene was formerly named the East Sunrise 88.

As previously announced, the MV Alcmene is chartered to Cargill International S.A., Geneva for a period of about twenty-three to twenty-five months, at a gross charter rate of US$20,250 per day. The charter is expected to commence on November 20, 2010. This employment is anticipated to generate approximately $14 million of gross revenue for the minimum scheduled period of the charter.

Diana also announced today that it has entered into a time charter contract with Minmetals Logistics Group Co. Ltd., Beijing, for one of its Capesize dry bulk carriers, the MV Aliki, at a gross charter rate of US$26,500 per day for a period of minimum fifty-nine to maximum sixty-one months. The charter is expected to commence in the beginning of March 2011. The Aliki is a 180,000 dwt Capesize dry bulk carrier built in 2005.

Earlier this week Diana produced its third quarter figures which revealed a net income of $33.8 million compared to net income of $28.7 million reported in the third quarter of 2009. The company’s net income for the nine months ended September 30, 2010 amounted to $96.5 million, compared to net income of $93.9 million for the same period of 2009. Voyage and time charter revenues were $202.5 million for the nine months ended September 30, 2010, compared to $180.7 million for the same period of 2009. Time charter equivalent rates for both periods were slightly down with number of vessels employed up by around 20% to twenty four.

Photo:- Looking toward the bow of the latest addition to the Diana fleet.