Dry Cargo
9/7/2011

Panamax dry bulk carrier M/V Arethusa delivered to Diana Shipping


Diana Shipping Inc., a global shipping transportation company specializing in dry bulk cargoes, announced Friday (07.08) that the Company has taken delivery on July 7, 2011 of the m/v "Corona", renamed "Arethusa", a 73,593 dwt Panamax dry bulk carrier built in 2007.
As previously announced, the Arethusa is chartered to Cargill International S.A., Geneva for a period of about eleven (11) months to about thirteen (13) months, at a gross charter rate of US$13,250 per day, minus a 5% commission paid to third parties. The charter commenced today.
This employment is anticipated to generate approximately US$4.2 million of gross revenue for the minimum scheduled period of the charter.
Including the newly-delivered "Arethusa", the Diana Shipping Inc. fleet currently consists of 24 dry bulk carriers (15 Panamax, 1 Post-Panamax and 8 Capesize) with a weighted average age of 5.8 years. The Company also previously announced two Newcastlemax new-building dry bulk carriers that are expected to be delivered during the first half of 2012.

Source: Diana Shipping Inc.


Dry Cargo News


Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts and said its market had gone from “bad to worse” with market conditions not seen in three decades. Golden Ocean, controlled by shipping tycoon John Fredriksen, said its made a net loss of $75.3 million in the first quarter, below expectations for a loss of $27 million, the result was weighed down by a $141 million impairment charge on its vessels.
A prolonged period of paltry returns and overcapacity in the dry bulk freight market has resulted in the creation of new shipping pools by shipowners to help stay afloat.
FreeSeas, a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize vessels, announced that it has entered into an agreement with a group of Norwegian based investors for the financing of the acquisition of assets valued up to US$15 million.

Carriers report (W21) that Pantheon Tankers has placed an order at Hyundai Heavy Industries for two tanker vessels (dwt 300,000) set to be delivred 2016 at the price of USD 96 million. The same report mentions Maran Tankers have exercised an option at Daewoo for two tanker vessels (dwt 158,000) at the price of USD 66 million. Delivery is slated for 2017.




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