Diana Shipping Signs Time Charter Contracts for Capesize Bulker P. S. Palios and Kamsarmax Myrto

By Vessels

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, Friday 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 P. S. Palios. The gross charter rate is US$10,550 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to about sixteen (16) months. The charter is expected to commence on January 21, 2017.

The P. S. Palios is a 179,134 dwt Capesize dry bulk vessel built in 2013.

Diana Shipping Signs Time Charter Contracts for Capesize Bulker P. S. Palios and Kamsarmax Myrto

Capesize bulk carrier P. S. Palios - Image courtesy: Marcel Coster

Additionally, the Company 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 Kamsarmax dry bulk vessels, the m/v Myrto, for a period of minimum twelve (12) months to maximum fifteen (15) months. The gross charter rate is US$8,000 per day, minus a 4.75% commission paid to third parties.

The new charter period is expected to commence on January 16, 2017.

The Myrto is a 82,131 dwt Kamsarmax dry bulk vessel built in 2013.

The employment of P. S. Palios as well as the employment extension of Myrto are anticipated to generate approximately US$6.68 million of gross revenue for the minimum scheduled period of the time charters.

Kamsarmax bulk carrier Myrto - Image courtesy: Marcel Coster

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 7.62 years.

Source: Diana Shipping