Diana Shipping Announces Time Charter With Koch

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  • Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today made an important announcement.
  • It would enter into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v Aliki.
  • The gross charter rate is US$24,500 per day, minus a 5% commission paid to third parties, for a period until minimum February 1, 2023 up to maximum April 15, 2023.

A recent news article published in the Diana Shipping states that Diana Shipping Inc. Announces Time Charter Contracts for m/v Aliki with Koch and m/v Leonidas P. C. with Cargill.

When is the charter expected to commence?

The charter is expected to commence on February 19, 2022. The m/v Aliki is currently chartered, as previously announced, to Solebay Shipping Cape Company Limited, Hong Kong, at a gross charter rate of US$20,500 per day, minus a 5% commission paid to third parties.

The “Aliki” is a 180,235 dwt Capesize dry bulk vessel built in 2005.

Entering into a time charter contract

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, “Magnolia” (to be renamed “Leonidas P. C.”). The gross charter rate is US$24,500 per day, minus a 4.75% commission paid to third parties, for a period until minimum March 1, 2023 up to maximum April 30, 2023. The charter is expected to commence upon delivery of the vessel to the Company.

As previously announced on July 16, 2021, the m/v Leonidas P. C. is a 2011 built Kamsarmax dry bulk vessel of 82,165 dwt that the Company entered into an agreement to purchase in July 2021. The vessel is now expected to be delivered to the Company by the sellers by mid-February 2022.

What is the gross revenue?

The employments of “Aliki” and “Leonidas P. C.” are anticipated to generate approximately US$17.49 million of gross revenue for the minimum scheduled period of the time charters.

Excluding the m/v Leonidas P. C., as well as the one new-building Capesize dry bulk vessel expected to be delivered to the Company by the end of the first quarter of 2022, Diana Shipping Inc.’s fleet currently consists of 33 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 5 Kamsarmax and 8 Panamax). As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 4.3 million dwt with a weighted average age of 11.19 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

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Source: Diana Shipping

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