Diana Shipping Announces Time Charter Contract for m/v Philadelphia With Koch

Diana

Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, 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 gross charter rate is US$20,000 per day, minus a 5% commission paid to third parties, for a period of about twenty (20) months to maximum twenty-three (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.

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