Diana Finds Work for Two Bulkers

Diana Shipping Greek dry bulk shipping company Diana Shipping has entered into time charter contracts for its two vessels, the M/V Orleans and the M/V Melite, which are scheduled to start in December 2016. The first contract was inked with Singapores Koch Shipping for the Capesize vessel New Orleans. The gross charter rate is USD 11,250 per day for a period of minimum twelve months to maximum sixteen months, with the charter expected to commence on December 10, 2016. The 180,960 dwt New Orleans was built by Chinas Shanghai Waigaoqiao Shipbuilding in 2015. Furthermore, the company entered into a time charter contract with Germanys Uniper Global Commodities SE for one of its Panamax dry bulk vessels, the Melite. The gross charter rate amounts to USD 8,000 per day for a period of minimum seven months to maximum ten months. The charter is expected to commence on December 6, 2016. The 76,436 dwt Melite was built by Japanese shipbuilder Tsuneishi Zosen in 2004. The employments of the two dry bulk carriers are anticipated to generate approximately USD 5.73 million of gross revenue for the minimum scheduled period of the time charters. Diana’s fleet is currently comprised of 46 dry bulk vessels. In addition, the company expects to take delivery of two new-building Newcastlemax dry bulkers during the fourth quarter of 2016 and the first quarter of 2017. As of December 1, 2016, the combined carrying capacity of the company’s fleet, excluding the two vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 8.1 years.