Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, Thursday announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia.

Diana Shipping signs time charter contract for mv Philadelphia with Koch
Caption: Bulk carrier Philadelphia - Image courtesy of Diana Shipping

The gross charter rate is US$20,000 per day, minus a 5% commission paid to third parties, for a period of about twenty (20) months to maximum twenty-three (23) months. The charter commenced on June 18, 2018. The m/v Philadelphia was chartered, as previously announced, at a gross charter rate of US$15,500 per day, minus a 5% commission paid to third parties.

The Philadelphia is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

This employment is anticipated to generate approximately US$11.7 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.83 years.

Source: Diana Shipping