Diana Shipping charters vessel at 76 pct lower rate
Greek drybulk shipper Diana Shipping Inc said it had signed a contract for one of its dry bulk vessels at $13,000 per day, 76 percent below the ship's previous charter rate, Reuters reports.
Rates for dry bulk vessels, which transport commodities such as coal, iron ore and grain, crashed in the last four years as the delivery of a large number of new ships coincided with a global economic downturn.
Diana chartered the Salt Lake City, which is as long as the ill-fated RMS Titanic, to Morgan Stanley Capital Group Inc with effect from August this year.
The capesize vessel, with a capacity of 171,810 deadweight tonnage, had been chartered to Refined Success Ltd since September 2007 at $55,800 per day.
The company, which has a fleet of 28 vessels, expects the vessel to generate about $8.6 million of gross revenue during its charter period of 22 to 28 months.
Diana Shipping shares were down 1 percent at $8.04 on Thursday morning on the New York Stock Exchange.