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Diana Shipping Inc. announces time charter contract

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Dry Bulk,

Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, has recently 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 Panamax dry bulk vessels, the m/v Coronis.

The gross charter rate is US$8000/d, minus a 5% commission paid to third parties, for a period of approximately 9-10 months. The charter commenced on 20 February 2020. The m/v Coronis was previously chartered to Tongil Shipping Pte. Ltd, at a gross charter rate of US$5300/d, minus a 5% commission paid to third parties.

The ‘Coronis’ is a 74 381 DWT Panamax dry bulk vessel that was built in 2006.

This employment is anticipated to generate approximately US$2.04 million of gross revenue for the minimum scheduled period of the time charter.

The company has also announced that it has received a notice of cancelation of the Memorandum of Agreement between a separate wholly-owned subsidiary and an unaffiliated third party to sell the 2002-built Capesize vessel ‘Norfolk.’

The buyers elected to exercise their right to cancel the agreement as a result of the vessel’s missing the cancellation date stipulated therein, due to unforeseen events, unrelated to the condition of the vessel, and have requested the refund of the deposit of the purchase price. The company has taken steps to release the deposit to the buyers.

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