Diana Shipping has signed a time charter agreement with Koch Shipping Pte. Ltd, Singapore, for one of its newcastlemax dry bulk vessels.
Under the agreement, Koch will employ the 208,500 dwt newbuilding, to be named San Francisco, for a gross charter rate of $11,750 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to about 16 months.
The charter is expected to commence on 6 January 2017. This employment is anticipated to generate approximately US$4.23 million of gross revenue for the minimum scheduled period of the time charter.
Excluding the aforementioned vessel, Diana Shipping Inc.’s fleet currently consists of 46 dry bulk vessels (two newcastlemax, 14 capesize, three post-panamax, four kamsarmax and 23 panamax).
The company also expects to take delivery of one new-building newcastlemax dry bulk vessel during 1Q17.
The combined carrying capacity of the Diana Shipping’s fleet, excluding the two vessels not yet delivered, is approximately 5.2 million DWT with a weighted average age of 8.13 years.