The 164,000-dwt Norfolk (built 2002) has been fixed by Clearlake for 18 to 24 months at $10,700 per day, whereas Corus has been paying $74,750 per day for it since February 2008. The new price, however, is still more than twice the current spot-market level for capesizes, which dropped another $2,600 per day to just $5,000 per day midweek.

Of its seven capesizes, Diana has three more on charters substantially over the current market — the 174,000-dwt Sideris SG (built 2006) is fixed to BHP at $30,500 per day until February, the 177,000-dwt New York (built 2010) is on charter to NYK at a full $48,000 per day until January 2015 and the 177,000-dwt Houston (built 2009) is out to Shagang...