Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Ismene.

Diana Shipping Announces Time Charter Contract for Panamax Bulker Ismene with Glencore

Bulk carrier Ismene (ex Infinity 9) - Image courtesy: Diana Shipping

The gross charter rate is US$5,850 per day, minus a 5% commission paid to third parties, for a period of about ten (10) months to about thirteen (13) months. The charter commenced yesterday.

The Ismene is a 77,901 dwt Panamax dry bulk vessel built in 2013.

This employment is anticipated to generate approximately US$1.67 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 46 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects to take delivery of one new-building Newcastlemax dry bulk vessel during the third quarter of 2016, as well as one new-building Newcastlemax dry bulk vessel and one new-building Kamsarmax dry bulk vessel during the fourth quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 7.8 years.

Related news: Diana Shipping Announces Agreement to Acquire Three Panamax Vessels

Source: Diana Shipping