Diana Shipping Inc. Inks Time Charter Contract With Bunge

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Diana Shipping Inc. (NYSE: DSX), through a separate wholly-owned subsidiary has entered into a time charter contract with Bunge S.A., Geneva, for one of its Capesize dry bulk vessels, to be named “Florida”, says a press release published on their website.

Charter rates and delivery

Gross charter rate

The gross charter rate is US$25,900 per day, minus a 5% commission paid to third parties, for a period of minimum fifty-eight (58) months to maximum sixty-two (62) months. The charter is expected to commence on March 29, 2022.

Purchase agreement

As previously announced on December 3, 2021, the m/v Florida is a 2022 Japanese new-building Capesize dry bulk vessel of approximately 181,500 dwt that the Company entered into an agreement to purchase in December 2021.

Vessel delivery

The vessel is now expected to be delivered to the Company by the sellers by March 29, 2022.

The employment of “Florida” is anticipated to generate approximately US$45.07 million of gross revenue for the minimum scheduled period of the time charter.

Diana’s fleet

Excluding the aforementioned vessel, Diana Shipping Inc.’s fleet currently consists of 34 dry bulk vessels:

  • 4 Newcastlemax,
  • 11 Capesize,
  • 5 Post-Panamax,
  • 6 Kamsarmax and
  • 8 Panamax

As of today, the combined carrying capacity of the Company’s fleet, excluding the one vessel not yet delivered, is approximately 4.4 million dwt with a weighted average age of 10.53 years.

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Source: Diana Shipping

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