Uniper Global Commodities has extended its charter of one of Diana Shipping's post-panamax bulk carriers.
The Dusseldorf-based commodity trader has stretched its contract for the 87,146-dwt Phaidra (built 2013) for another 14 to 16 months, commencing on Thursday.
The gross charter rate is $10,800 per day, minus a 5% commission paid to third parties.
"This employment is anticipated to generate approximately $4.37m of gross revenue for the minimum scheduled period of the time charter," Diana said in a release on Monday.
Uniper first chartered the vessel in January 2018 at a gross daily rate of $12,700, shortly after Diana acquired the vessel from Foremost Group.
The Phaidra's contract extension was fixed at a rate below that of a Diana post-panamax Uniper booked on time charter in January.
The trader fixed the 98,697-dwt Amphitrite (built 2012) at a gross daily rate of $12,750, less 5% commissions, for 14 to 17 months.
In addition to the Phaidra and Amphitrite, Diana has two other bulkers on time charter to Uniper, according to the company's website.
Market snapshot
The Phaidra's contract has been reported at a time when dry markets seem to have stagnated since climbing out of the hole they were in around Chinese New Year.
The Baltic Dry Index (BDI) was assessed at 714 today, three points higher than Friday's level.
The index's slight rise was fuelled primarily by gains in the capesize spot market, but any real progress was held back by softening conditions in other segments.
Spot rates for panamax bulk carriers, in particular, have weakened over the past week as sentiment declines in the Pacific basin, according to Clarksons.
Panamaxes in the Atlantic basin have fared slightly better, however, thanks to a flow of fresh coal cargoes out of the US Gulf and Baltic, plus bauxite cargoes out of Guinea, the shipbroker said in a report on Monday.
