Diana Shipping announces signing of time charter contracts for five of its dry bulk vessels

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 agreed to extend the present time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini. The gross charter rate is US$8,650 per day minus a 5% commission paid to third parties, for a period until minimum August 31, 2018 and maximum December 31, 2018. The new charter period commenced yesterday. 

The Myrsini is a 82,117 dwt Kamsarmax dry bulk vessel built in 2010.

Diana Shipping announces signing of time charter contracts for five of its dry bulk vessels
Caption: Kamsarmax bulk carrier Myrsini - Image courtesy of Peter Evans

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 Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen (13) months to maximum seventeen (17) months. The charter is expected to commence on June 11, 2017.

The Electra is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.

ELECTRA - IMO 9661223
Caption: Post-Panamax bulk carrier Electra - Image courtesy of Rajh

In addition, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Post-Panamax dry bulk vessels, the m/v Alcmene. The gross charter rate is US$8,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum thirteen (13) months to about sixteen (16) months. The charter commenced yesterday.

The Alcmene is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010.

ALCMENE - IMO 9568586
Caption: Post-Panamax Alcmene - Image courtesy of Krijn Hamelink

Furthermore, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Oceanis. The gross charter rate is US$7,000 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen (14) months to about seventeen (17) months. The charter commenced on May 30, 2017.

The Oceanis is a 75,211 dwt Panamax dry bulk vessel built in 2001.

Finally, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Triton. The gross charter rate is US$6,500 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen (13) months to about sixteen (16) months. The charter commenced yesterday.

The Triton is a 75,336 dwt Panamax dry bulk vessel built in 2001.

The employment extension of Myrsini and the employments of Electra, Alcmene, Oceanis and Triton are anticipated to generate approximately US$15.61 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 51 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.9 million dwt with a weighted average age of 7.86 years.

Source: Diana Shipping