Diana Shipping Announces Time Charter Contracts for MV Los Angeles with SwissMarine and MV Selina with BG Shipping

By Vessels

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, Monday announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Newcastlemax dry bulk vessels, the m/v Los Angeles, for a period of about thirteen (13) months to maximum fifteen (15) months. The daily gross charter rate is 14% above the BCI_2014 average of the five pre-determined time charter routes as published by the Baltic Exchange minus a 5% commission paid to third parties. The charter commenced Sunday (Jan22).

Diana Shipping Announces Time Charter Contracts for MV Los Angeles with SwissMarine and MV Selina with BG Shipping

Image courtesy: Diana Shipping

The Los Angeles is a 206,104 dwt Newcastlemax dry bulk vessel built in 2012.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with BG Shipping Co., Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Selina, for a period of minimum nine (9) months to about twelve (12) months. The gross charter rate is US$4,500 per day for the first thirty (30) days of the charter period and US$7,100 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties. The charter is expected to commence on January 24, 2017.

The Selina is a 75,700 dwt Panamax dry bulk vessel built in 2010.

The employment of “Selina” is anticipated to generate approximately US$1.84 million of gross revenue for the minimum scheduled period of the time charter.

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 7.65 years.

Source: Diana Shipping