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Diana Shipping enters time charter contract with Koch Shipping

Staff Writer |
Diana Shipping said that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Singapore.

The contract is for one of its Newcastlemax dry bulk vessels, Hull No. H2548 (to be named San Francisco), which is currently under construction.

The gross charter rate is $11,750 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to about sixteen (16) months. The charter is expected to commence on January 6, 2017.

As previously announced, the m/v San Francisco is a newbuilding Newcastlemax dry bulk vessel of approximately 208,500 dwt.

This employment is anticipated to generate approximately $4.23 million of gross revenue for the minimum scheduled period of the time charter.

Excluding the aforementioned vessel, Diana Shipping’s fleet currently consists of 46 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax).

The company also expects to take delivery of one new-building Newcastlemax dry bulk vessel during the first quarter of 2017.

As of today, the combined carrying capacity of the company’s fleet, excluding the two vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 8.13 years.

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