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Diana Shipping signs time charter contract with Koch for panamax vessel

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Dry Bulk,

Yesterday, through a separate wholly-owned subsidiary, Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, entered into a time charter contract with Koch Shipping Pte. Ltd. for one of its panamax dry bulk vessels, the m/v Ismene. The gross charter rate is US$12 125/d., minus a 5% commission paid to third parties, for a period until minimum 1 January 2020 up to maximum 31 March 2020. The charter is expected to commence on December 2018.

The Ismene is a 77 901 DWT panamax dry bulk vessel built in 2013. The employment of this vessel is anticipated to generate approximately US$4.6 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 newcastlemax, 14 capesize, 5 post-panamax, 5 kamsarmax and 20 panamax). As of yesterday, the combined carrying capacity of the company’s fleet is approximately 5.7 million DWT with a weighted average age of 9.08 years.

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