Diana Shipping announces time charter contracts for mv Astarte with Glencore and mv Erato with Phaethon

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 Glencore Agriculture B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Astarte. The gross charter rate is US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen (14) months to maximum seventeen (17) months. The charter is expected to commence on June 12, 2017.

The Astarte is a 81,513 dwt Kamsarmax dry bulk vessel built in 2013.

Diana Shipping announces time charter contracts for mv Astarte with Glencore and mv Erato with Phaethon
Caption: Bulk carrier Erato - Image courtesy of Krijn Hamelink

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Erato. The gross charter rate is US$7,250 per day, minus a 5% commission paid to third parties, for a period of about five (5) months up to December 30, 2017. The charter commenced Thursday (May 25).

The Erato is a 74,444 dwt Panamax dry bulk vessel built in 2004.

The employments of Astarte and Erato are anticipated to generate approximately US$4.76 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 4 Post-Panamax, 5 Kamsarmax and 23 Panamax). The Company also expects to take delivery of one Post-Panamax dry bulk vessel by the end of May 2017. As of today, the combined carrying capacity of our fleet, excluding the one vessel not yet delivered, is approximately 5.8 million dwt with a weighted average age of 7.87 year.

Source: Diana Shipping