Diana Shipping Fixes Philadelphia with BHP

February 12, 2020

Diana Shipping announced that through a separate wholly-owned subsidiary, it has entered into a time charter contract with BHP Billiton Freight Singapore Pte. Ltd., for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia.

According to the global shipping company specializing in the ownership of dry bulk vessels, the gross charter rate is US$14,500 per day, minus a 5% commission paid to third parties, for a period of minimum 14 months to maximum 17 months.

The charter commenced on February 5, 2020. The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

This employment is anticipated to generate approximately US$6.09 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sales of one Panamax dry bulk vessel, the m/v Calipso, and one Capesize dry bulk vessel, the m/v Norfolk, Diana Shipping Inc.’s fleet will consist of 40 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and 13 Panamax).

As of today, the combined carrying capacity of the company’s fleet, including the m/v Calipso and the m/v Norfolk, is approximately 5.2 million dwt with a weighted average age of 9.66 years.

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