Diana Shipping Announces Time Charter Contract for mv Clio 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 Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Clio.

Diana Shipping Announces Time Charter Contract for mv Clio with Phaethon
Caption: Bulk carrier Clio - Image courtesy of Ed Cooke

The gross charter rate is US$8,550 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen (13) months to maximum sixteen (16) months. The charter is expected to commence on July 3, 2017.

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

This employment is anticipated to generate approximately US$3.33 million of gross revenue for the minimum scheduled period of the time charter.

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 7.89 years.

Source: Diana Shipping