Glencore dials DSX


Diana Shipping of Greece has lined up a 14-month fixture for one of its panamax bulkers.

The charter is scheduled to start later today.

The charter is scheduled to start later today.

In a statement the Nasdaq-quoted owner identified Glencore Grain as the charterer of the 75,300-dwtTriton(built 2001).

Diana told investors that the vessel is poised to rake in $9,250 per day, less a 5\% commission paid to third parties, for up to 14 months.

At that rate the operator noted the bulker will generate more than $3m over the next 11 months, which is the minimum duration of the freshly-minted contract.

Prior to the fixture with Glencore the Triton was earning $11,000 per day in a deal backed by Bunge, which chartered vessel from Diana in late 2013.

While the vessel commanded a higher rate last year some believe today’s deal is still deserving of praise since, according to the Baltic Exchange and other sources, period interest in the panamax space has waned in recent weeks.

Others fear the terms of the deal serve as evidence that owners don’t expect to a see a rally anytime soon. One observer noted a bulker with the same specifications as the Triton fetched $14,000 per day in the spot market Friday afternoon.

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