Diana Shipping Announces Time Charter Contracts for MV New Orleans with Koch and MV Melite with Uniper

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 Koch Shipping Pte Ltd, Singapore, for one of its Capesize dry bulk vessels, the m/v New Orleans. The gross charter rate is US$11,250 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum sixteen (16) months. The charter is expected to commence on December 10, 2016.

The New Orleans is a 180,960 dwt Capesize dry bulk vessel built in 2015.

Diana Shipping Announces Time Charter Contracts for MV New Orleans with Koch and MV Melite with Uniper

Bulk carrier New Orleans - Image courtesy: Cengiz Tokgöz

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its Panamax dry bulk vessels, the m/v Melite. The gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of minimum seven (7) months to maximum ten (10) months. The charter is expected to commence on December 6, 2016.

The Melite is a 76,436 dwt Panamax dry bulk vessel built in 2004.

The employments of New Orleans and Melite are anticipated to generate approximately US$5.73 million of gross revenue for the minimum scheduled period of the time charters.

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 two new-building Newcastlemax dry bulk vessels during the fourth quarter of 2016 and the first quarter of 2017. As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 8.1 years.

Source: Diana Shipping