Diana Shipping signs time charter contract for mv Naias with Phaethon

By Vessels

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, yesterday announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Naias.

Diana Shipping signs time charter contract for mv Naias with Phaethon
Caption: Bulk carrier Naias - Image courtesy of Robert Bortolin

The gross charter rate is US$10,000 per day, minus a 5% commission paid to third parties, for a period of about fifteen (15) months to maximum eighteen (18) months. The charter is expected to commence on November 24, 2017. The m/v Naias was chartered, as previously announced, to Glencore Agriculture B.V., Rotterdam, at a gross charter rate of US$7,500 per day, minus a 5% commission paid to third parties.

The Naias is a 73,546 dwt Panamax dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$4.35 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 8.23 years.

NAIAS - IMO 9330800
Caption: Bulk carrier Naias - Image courtesy of Diana Shipping

Source: Diana Shipping