Diana Shipping has found a new long-term fixture for a capesize bulker with Solebay Shipping as the vessel ends a 13-month time charter with Cargill.
And while the bulker will see its earnings drop, the deal comes at a time when period rates are on the rise.
The New York-listed bulker owner said has chartered the 178,000-dwt GP Zafirakis (built 2014) at $17,000 per day for a period that will start Tuesday and end anywhere from 15 June to 15 August 2024.
Semiramis Paliou-led Diana, which owns 42 bulkers, expects to make $8.76m for the minimum period of the charter.
The Athens-based shipowner had previously chartered the vessel at $22,750 per day to Cargill starting on 1 December 2021.
The average daily time charter rate for 180,000-dwt capesizes on one-year charter was $17,250 per day on 6 January, up steadily from $12,500 per day on 28 October, according to Clarksons Research.
Diana has nine capesizes on time charters that are about a year long, but it also has the 182,063-dwt Florida (built 2022) on the second year of a five-year charter with trader Bunge.
The last capesize to get fixed on a long-term charter is Shandong Shipping’s 206,180-dwt Samc Mg (built 2006), according to the Baltic Exchange.
China Cosco Shipping hired the vessel on 20 December at just under $16,000 per day for employment lasting a year to 14 months.
Cosco took delivery of the ship in Xingang, China, and may redeliver it anywhere in the world at the end of the charter.
Diana’s entire fleet of various-sized bulkers is on charter to at least early 2023 except for the 76,225-dwt Melia (built 2005) that ended a one-month charter with Asahi Shipping on Monday.
