Diana Shipping Inc. Inks Time Charter Contract With Koch

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Diana Shipping Inc, a global shipping company, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, the m/v San Francisco, says the company in a press release.

About the charter contract

The gross charter rate is US$30,500 per day, minus a 5% commission paid to third parties, for a period until minimum March 1, 2023 up to maximum May 15, 2023. The charter commenced retroactively as of February 18, 2022. 

The m/v San Francisco was chartered, as previously announced, to Olam International Limited, Singapore, at a gross charter rate of US$17,750 per day for the first one hundred five (105) days of the charter period and US$24,700 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties.

About the vessel

The “San Francisco” is a 208,006 dwt Newcastlemax dry bulk vessel built in 2017.

The employment of “San Francisco” is anticipated to generate approximately US$11.32 million of gross revenue for the minimum scheduled period of the time charter (i.e. about 371 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 10.49 years.

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Source: Diana Shipping Inc.

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