Koch Shipping Signs Charter Deal for Diana's Bulker m/v Philadelphia

By Aiswarya Lakshmi June 21, 2018

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

The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$20,000 per day, minus a 5% commission paid to third parties, for a period of about 20 months to maximum 23 months.

The charter commenced on June 18, 2018. The m/v Philadelphia was chartered, as previously announced, at a gross charter rate of US$15,500 per day, minus a 5% commission paid to third parties.

The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

This employment is anticipated to generate approximately US$11.7 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 today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.83 years.