Diana Shipping Inc. Announces Time Charter With Cargill

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Diana Shipping Inc. (NYSE: DSX) has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk vessels, the m/v Santa Barbara, says a press release published on their website.

Charter rate and contract

The gross charter rate is US$29,500 per day, minus a 4.75% commission paid to third parties, for a period until minimum May 10, 2023 up to maximum July 10, 2023. The new charter period is expected to commence on March 15, 2022.

The m/v Santa Barbara is currently chartered, as previously announced, at a gross charter rate of US$17,250 per day, minus a 4.75% commission paid to third parties.

The “Santa Barbara” is a 179,426 dwt Capesize dry bulk vessel built in 2015.

The employment of “Santa Barbara” is anticipated to generate approximately US$12.24 million of gross revenue for the minimum scheduled period of the new time charter (i.e. about 415 days).

Diana’s fleet

Diana Shipping Inc.’s fleet currently consists of 34 dry bulk vessels :

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

The Company also expects to take delivery of one new-building Capesize dry bulk vessel by the end of the first quarter of 2022. 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 10.52 years.

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Source: Diana Shipping

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