Diana Shipping Announces Time Charter Contract with SwissMarine

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m/v P. S. Palios (Image Courtesy: Diana Shipping)

Diana Shipping Inc. on Wednesday (June 5) announced that it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v P. S. Palios.

The gross charter rate is US$17,500 per day, minus a 5% commission paid to third parties, for a period of about eight (8) months to about nine (9) months.

The charter commenced earlier today. The m/v P. S. Palios was chartered, as previously announced, to Koch Shipping Pte. Ltd., Singapore, at a gross charter rate of US$17,350 per day, minus a 5% commission paid to third parties.

The “P. S. Palios” is a 179,134 dwt Capesize dry bulk vessel built in 2013.

This employment is anticipated to generate approximately US$3.94 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Erato, Diana Shipping Inc.’s fleet will consist of 45 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 17 Panamax).

As of today, the combined carrying capacity of the Company’s fleet, including the m/v Erato, is approximately 5.5 million dwt with a weighted average age of 9.32 years.

Sea News, June 6