Diana Shipping Secures Time Charter Agreement with K Line for Capesize Vessel

Greek bulker owner anticipates $12.16m in gross revenue from the New Orleans charter, optimizing fleet composition

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Diana Shipping, the Greek bulker owner, has recently inked a time charter agreement with Kawasaki Kisen Kaisha (K Line) for one of its capesize vessels. Under this arrangement, K Line has secured the services of the 2015-built, 180,960 deadweight tons (dwt) bulker, named New Orleans. The gross charter rate stands at $20,000 per day, with a 5% commission to third parties, for a contractual period extending from a minimum of August 15, 2025, to a maximum of October 31, 2025.

The charter is scheduled to commence on December 7, 2023, as announced by the Semiramis Paliou-led company. Over the stipulated time frame, the deployment of the New Orleans is forecasted to yield approximately $12.16 million in gross revenue.

Diana Shipping’s fleet composition is poised for change with the impending completion of the previously disclosed sale of the 2007-built vessel Boston. Post-transaction, the fleet will comprise 40 dry bulk vessels, including four newcastlemax, nine capesize, five post-panamax, six kamsarmax, seven panamax, and nine ultramax vessels.

As of the latest update, the aggregated carrying capacity of Diana Shipping’s fleet, inclusive of the Boston, reaches approximately 4.7 million dwt, with a weighted average age of 10.65 years. This strategic move underscores the company’s commitment to optimizing its fleet dynamics and maximizing operational efficiency in the dynamic maritime industry.

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