Diana Shipping has fixed one of its panamax bulkers on a short-term period contract as the spot market reached its best levels in almost six years.
The 75,700-dwt Selina (built 2010) was fixed to Hong Kong-based Ausca Shipping for a period of seven to nine months.
The gross rate is reported at $11,750 daily, minus 5% commission for third parties, Diana said.
This is a $500 per day discount on what the vessel was earning on its previous contract to BG Shipping of Hong Kong, to whom the ship was chartered in early February.
Diana's rate is also a discount compared to the last-done deal for a panamax fixed for a similar period, according to reported fixtures.
On 11 July, the 79,516-dwt Irene Madias (built 2012) was reported fixed to an unnamed Chinese charterer at $13,000 per day for six to eight months.
For kamsarmaxes, which usually command a slight premium in the market, the prospects are even better.
Greece's Cape Shipping achieved $14,000 per day on 11 July when it fixed its kamsarmax 81,391-dwt Cape Kennedy (built 2012) to UAE-based Al Ghurair.
Hot spot
Diana could have achieved much higher rates if the company had fixed the panamax in the current spot market.
However, the Simeon Palios led company has a firm and established policy of fixing its ships on period deals which end in a staggered manner.
The Baltic Panamax Index's weighted timecharter average rate was assessed today at $16,661 per day, which is the highest level seen since December 2013.
Trans-Pacific round-trips from Japan/South Korea were assessed at $13,649 daily, which is $209 per day more than on Tuesday.
The picture is even better in the Atlantic, where there are fewer vessels available to meet demand.
Rates for trips to Taiwan/Japan from Skaw/Gibraltar today rose by $544 per day to reach $27,394 daily.
Trans-Atlantic round-trips were assessed $245 higher at $20,525 per day.
AIS tracking shows Selina left Qingdao, China on Monday and is now underway in the East China Sea.
