Diana Shipping Signs Time Charter Contracts for mv Philadelphia with Koch and mv Calipso with Transgrain

By Vessels

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, Wednesday 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 Newcastlemax dry bulk vessels, the m/v Philadelphia. The gross charter rate is US$15,500 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to about thirteen (13) months. The charter is expected to commence on March 14, 2017.

The Philadelphia is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

Bulk carrier Philadelphia - Image courtesy of Diana Shipping

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Transgrain Shipping B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Calipso. The gross charter rate is US$9,000 per day, minus a 5% commission paid to third parties, for a period of about eleven (11) months to maximum fourteen (14) months. The charter is expected to commence on March 14, 2017.

The Calipso is a 73,691 dwt Panamax dry bulk vessel built in 2005.

The employments of Philadelphia and Calipso are anticipated to generate approximately US$7.49 million of gross revenue for the minimum scheduled period of the time charters.

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 7.77 years.

Source: Diana Shipping