Diana Shipping Secures Improved Kamsarmax Earnings with NYK

In a move that highlights the improving fortunes of the dry bulk shipping market, Greek owner Diana Shipping has secured an enhanced charter rate for one of its kamsarmax vessels. According to a report from Splash247, Diana Shipping has extended the charter of its 2013-built, 82,131 dwt kamsarmax bulker Myrto with Japan's NYK Line. The new charter period will run from April 2023, with NYK paying a daily rate of $16,650, minus a 5% commission. This represents an improvement over the previous charter agreement, which had the vessel earning $14,500 per day. The extension of the charter at a higher rate is a positive sign for Diana Shipping, as the company looks to capitalize on the ongoing recovery in the dry bulk shipping market. 'We are pleased to have secured this charter extension for the Myrto with NYK at an improved rate,' said Semiramis Paliou, Chief Executive Officer of Diana Shipping. 'This new charter further enhances our contracted revenue and demonstrates our ability to secure favorable employment for our vessels in the current market environment.' The improved earnings for the Myrto come as the Baltic Dry Index, a key measure of dry bulk shipping rates, has risen steadily in recent months. According to data from the Baltic Exchange, the index stood at 1,436 as of March 23, 2023, up from around 1,200 at the start of the year. This uptick in dry bulk shipping rates has been driven by a combination of factors, including a rebound in global trade, supply chain disruptions, and ongoing fleet supply constraints. As the maritime industry navigates these market dynamics, Diana Shipping's ability to secure enhanced charter rates for its vessels is a positive development that underscores the company's operational and commercial capabilities.