Through its subsidiary, Greece-based Diana Shipping has signed a time charter contract with Koch Shipping Singapore for one of its Panamax dry bulk vessels Coronis.

The deal includes a gross charter rate of $8,000 a day and excludes a 5% commission paid to third parties for a minimum period of nine to ten months.

The charter period started on 20 February.

Previously, the vessel was chartered to Tongli Shipping for a gross charter rate of $5,300 a day.

Built in 2006, Coronis is a dry bulk vessel that can accommodate 74,381 deadweight tonnage (dwt) of goods.

The deal is expected to generate gross revenue of approximately $2.04m for Diana Shipping for a minimum scheduled period of the time charter.

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By GlobalData

In a separate development, the buyers cancelled the previously announced sale of the ‘Norfolk’.

Last month, Diana Shipping signed a memorandum of agreement (MOA) through its subsidiary for the Norfolk vessel that was built in 2002.

The company received the cancellation notice for the MOA.

Diana Shipping said: “The buyers elected to exercise their right to cancel the contract as a result of vessel’s missing the cancelling date stipulated therein, due to unforeseen events, unrelated to the condition of the vessel, and have requested the refund of the deposit of the purchase price.”

Diana Shipping has initiated the process to return the deposit amount to the buyers.

With the cancelling of the sale of Norfolk, Diana Shipping’s fleet now consists of 42 dry bulk vessels, including four Newcastlemax, 14 Capesize, five Post-Panamax, five Kamsarmax and 14 Panamax.

The total carrying capacity of the fleet is approximately 5.2 million dwt with 9.68 years weighted average age.

Last month, Diana Shipping signed another time charter contract with Aquavita International for a Kamsarmax dry bulk vessel m/v Astarte.