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March 8, 2016

Diana Shipping signs charter contract with RWE Supply & Trading

Global shipping transportation provider Diana Shipping, through its subsidiary, has signed a time charter contract with Germany-based company RWE Supply & Trading, for one of its Kamsarmax dry bulk vessels, called Myrsini.

Global shipping transportation provider Diana Shipping, through its subsidiary, has signed a time charter contract with Germany-based company RWE Supply & Trading, for one of its Kamsarmax dry bulk vessels, called Myrsini.

The deal includes a gross charter rate of $5,550 per day and excludes a 5% commission paid to third parties, for a minimum period of 12 to 15 months.

The charter period is expected to begin today.

"The deal is expected to generate around $2m of gross revenue for the minimum scheduled period of the time charter."

Built in 2010, Myrsini has a capacity to accommodate 82,117dwt of goods.

The deal is expected to generate around $2m of gross revenue for the minimum scheduled period of the time charter.

Currently, Diana Shipping has 43 dry bulk vessels, including two Newcastlemax, 14 Capesize, three Post-Panamax, four Kamsarmax and 20 Panamax, with three Panamax dry bulk vessels to be received by the end of this month.

The company also expects to take delivery of one new-building Newcastlemax dry bulk vessel in the third quarter of this year, as well as one new-building Newcastlemax dry bulk vessel and one new-building Kamsarmax dry bulk vessel in the last quarter of this year.

Diana Shipping’s combined carrying capacity of its existing fleet stands at around five million dwt with a weighted average age of 7.53 years.

Last month, the company, through one of its subsidiaries, had agreed to extend the present time charter contract with Singapore’s Clearlake Shipping for Myrsini at a gross charter rate of $8,250 per day, minus a 4.75% commission paid to third parties, for a period of minimum 10 to 14 months.

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