Shagang Shipping, a China-based company, has failed the cover the $4.8m charter costs for a dry bulk vessel to Greece-based Diana Shipping.
The vessel MV Houston keeps operating in accordance with the terms of the charter. The charter termination date is October 2014.
The Greek shipping firm singed the charter agreement with Shagang Shipping in November 2009. The charter contract includes a minimum of 59 to a maximum of 62 months at a gross rate of $55,000 per day.
Construction of the 177,729 dwt bulk carrier was conducted jointly by Shanghai Jiangnan-Changxing Shipbuilding and Shanghai Waigaoqiao Shipbuilding in China.
