Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, Wednesday announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Baltimore, for a period of minimum thirteen (13) months to about sixteen (16) months. The gross charter rate is US$11,300 per day, minus a 4.75% commission paid to third parties. The new charter period is expected to commence on February 3, 2017.
The Baltimore is a 177,243 dwt Capesize dry bulk vessel built in 2005.
Bulk Carrier Baltimore - Image courtesy of: Krijn Hamelink
The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Noble Resources International Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Arethusa. The gross charter rate is US$7,200 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to maximum fourteen (14) months. The charter commenced on January 23, 2017.
Bulk Carrier Arethusa - Image courtesy of Ed Cooke
The Arethusa is a 73,593 dwt Panamax dry bulk vessel built in 2007.
The employment extension of Baltimore as well as the employment of Arethusa are anticipated to generate approximately US$6.57 million of gross revenue for the minimum scheduled period of the time charters.
Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.7 million dwt with a weighted average age of 7.65 years.
Source: Diana Shipping