Diana Shipping Inc., a global entity specializing in dry bulk vessel ownership and bareboat charter-in, announced a new time charter contract. The agreement is with Aquavita International S.A. for the m/v Medusa, one of Diana Shipping's Kamsarmax dry bulk vessels. The charter is scheduled to begin on July 8, 2024, and will last for a period of approximately 14 to 17 months. The gross charter rate has been set at US$16,850 per day.
This new charter is expected to generate approximately US$7.08 million in gross revenue for the minimum scheduled period. The m/v Medusa is a 82,194 DWT Kamsarmax dry bulk vessel, constructed in 2010. Following this contract, Diana Shipping's fleet will comprise 39 dry bulk vessels, including 4 Newcastlemax, 10 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 8 Ultramax vessels. The company also has one new-building Kamsarmax dry bulk vessel expected to be delivered in the first quarter of 2025.
For freight forwarders and operations managers, this charter represents a stable, albeit incremental, addition to dry bulk capacity in the market. While a single vessel charter does not significantly alter overall market dynamics, it contributes to the consistent availability of Kamsarmax vessels for specific routes, particularly for bulk commodities. The fixed rate and duration provide predictability for the carrier, which can indirectly influence spot market rates by reducing the immediate need for vessels. Forwarders should monitor such agreements as they reflect ongoing demand for dry bulk shipping, which can impact pricing and scheduling flexibility for various bulk cargoes.
