Diana Shipping Announces Time Charter Contract with Berge Bulk

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(Image Courtesy: FleetMon)

Diana Shipping on Monday announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Berge Bulk Shipping Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v Sideris GS, for a period until minimum December 15, 2019 up to maximum March 30, 2020.

The gross charter rate is US$8,500 per day for the first thirty (30) days of the charter period and US$15,350 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties. The charter commenced on November 15, 2018.

The m/v Sideris GS was chartered, as previously announced, to Rio Tinto Shipping (Asia) Pte., Ltd., Singapore, at a gross charter rate of US$13,000 per day, minus a 5% commission paid to third parties. The “Sideris GS” is a 174,186 dwt Capesize dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$6.24 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sales of two Panamax dry bulk vessels, m/v Triton and m/v Alcyon, Diana Shipping Inc.’s fleet will consist of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 20 Panamax).

As of today, the combined carrying capacity of the Company’s fleet, including m/v Triton and m/v Alcyon, is approximately 5.8 million dwt with a weighted average age of 9.24 years.

Sea News, November 20

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