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Diana Shipping enters time charter contract for capesize vessel

Published by , Assistant Editor
Dry Bulk,

Yesterday, Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, through a separate wholly-owned subsidiary, entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its capesize dry bulk vessels, the m/v Baltimore. The gross charter rate is US$18 050/day, minus a 5% commission paid to third parties, for a period of approximately 12 -14 months. The charter commenced earlier yesterday. The m/v Baltimore was chartered, as previously announced, to Cargill International S.A., Geneva, at a gross charter rate of US$11 300/day, minus a 4.75% commission paid to third parties.

The Baltimore is a 177 243 DWT capesize dry bulk vessel built in 2005. This employment is anticipated to generate approximately US$6.23 million of gross revenue for the minimum scheduled period of the time charter. Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 newcastlemax, 14 capesize, 5 post-panamax, 5 kamsarmax and 22 panamax). As of yesterday, the combined carrying capacity of the company’s fleet is approximately 5.8 million DWT with a weighted average age of 8.79 years.

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