Diana Shipping seals time charter deal with Phaethon

The contract is for the m/v Naias, with the gross charter rate being $10,000 USD per day, for a period of about 15 months to up to 18 months, according to vessel lessor Diana Shipping.    Athens-based shipowner Diana Shipping Inc., which specializes in the leasing of dry bulk vessels, has, through a separate wholly-owned subsidiary, entered into a time charter contract with Swiss deep sea freight transport company Phaethon International Co. for one of its Panamax dry bulk vessels.
   Diana Shipping confirmed Nov. 16 that Phaethon charter the m/v Naias, with the gross charter rate being $10,000 USD per day, minus a 5 percent commission paid to third parties, for a period of about 15 months to maximum of 18 months.
   The charter is expected to commence on Nov. 24.
   The m/v Naias, a 73,546 dwt Panamax dry bulk vessel built in 2006, was previously to Glencore Agriculture B.V. of Rotterdam, at a gross charter rate of $7,500 USD per day, minus a five percent commission paid to third parties. The agreement, which was for a period of nine to 13 months, began last December and ended earlier within the past two months.
   Diana Shipping said that this latest time charter contract is expected to generate about $4.35 million USD of gross revenue for the minimum scheduled period of the time charter.
   As of today, Diana Shipping Inc.’s fleet consists of 50 dry bulk vessels — four Newcastlemax, 14 Capesize, five Post-Panamax, five Kamsarmax and 22 Panamax. The combined carrying capacity of the fleet is about 5.8 million dwt, with a weighted average age of 8.23 years, according to the company.
   Last month, Diana Shipping announced that it was selling one of its vessels that had run aground in July for $2.5 million. It also sealed agreements last month to sell up to seven of its vessels for a total of $104 million.