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Diana Shipping Inc. announces time charter contract

Published by , Editorial Assistant
Dry Bulk,

Diana Shipping Inc. has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Bohai Shipping Co. Ltd, for one of its capesize dry bulk vessels, the m/v P. S. Palios.

The gross charter rate will be US$27 150 per day, minus a 5% commission paid to third parties, for a period until minimum 1 November 2025 up to maximum 31 December 2025. The charter is expected to commence on 12 May 2024.

The P. S. Palios is a 179 134 DWT capesize dry bulk vessel built in 2013.

The employment of P. S. Palios has been anticipated to generate approximately US$14.39 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of m/v Houston, Diana Shipping Inc.’s fleet will consist of 38 dry bulk vessels: 4 newcastlemax, 8 capesize, 5 post-panamax, 6 kamsarmax, 6 panamax and 9 ultramax. The company also expects to take delivery of two methanol dual fuel new-building kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively. At present, the combined carrying capacity of the company’s fleet including the m/v Houston and excluding the two vessels not yet delivered, is approximately 4.4 million DWT with a weighted average age of 10.71 years.

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Dry cargo shipping news Capesize news European dry bulk news