Sturdy dry bulk carrier hit harder than expected

Listed Greek carrier Diana Shipping, commonly viewed as one of the dry bulk industry's most sturdy companies, will burn through much more cash this year and in 2017 than previously expected, according to Deutsche Bank.

Photo: Ritzau Scanpix/AP/Dimitri Messinis

Diana Shipping - regarded as one of the dry bulk industry's most sturdy listed companies along with carriers including Danish Norden - is considerably harder hit by the crisis than previously assumed.

According to Deutsche Bank shipping analyst Amit Mehrotra, Diana Shipping will burn through USD 175 million of the carrier's cash funds this year and in 2017. This is USD 80 million more than projected just six months ago, Mehrotra writes in a comment, based on the most recent information about Diana's charter strategy and about new contracts which were entered at low rates for the next 1-2 years.

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