Diana Shipping Announces Time Charter Contract for m/v Philadelphia with Koch

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(Image Courtesy: Iaonnis Gemelos/Marine Traffic)

Diana Shipping Inc. on Thursday announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping of Singapore, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia.

The gross charter rate is USD 20,000 per day, minus a 5% commission paid to third parties, for a period of about twenty (20) months to maximum twenty-three (23) months. The charter commenced on June 18, 2018.

The m/v Philadelphia was chartered, as previously announced, at a gross charter rate of USD 15,500 per day, minus a 5% commission paid to third parties. The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

This employment is anticipated to generate approximately USD 11.7 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.83 years.

Sea News, June 22