Diana Shipping Inc. (DSX) Announced Selling and Time Charter Contract Of Dry Bulk Vessels

Diana Shipping Inc. (DSX) on Wednesday signed a Memorandum of Agreement to sell a vessel for a sale price of $7.1 million.

The company is a global provider of shipping transportation services which specializes in the ownership of dry bulk vessels. The company signed the MOA through its wholly owned subsidiary to an affiliated third party. The vessel to sell is a 2006-built “Coronis”, which is likely to be delivered to purchaser latest by January 20, 2021. The amount quoted is total amount the company will be getting out of which it has to pay commissions for the same.

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With conclusion of the current deal, the company will remain with the fleet of 39 dry bulk vessels. Those merchant ships include 13 Capesize, 12 Panamax, 5 Kamsarmax, 5 Post-Panamax and 4 Newcastlemax vessels. The company shared that its current combined carrying capacity is nearly 5.0 million metric tons of deadweight (dwt). This also includes capacity of merchant vessels (m/v) Coronis. The weighted average age of company’s current fleet is 9.95 years.

Earlier in last week DSX announced a time charter contract with Singapore’s Koch Shipping Pte. Ltd. The contract awarded through a separate wholly owned subsidiary was for m/v Newport News. It is one of company’s dry bulk vessels of Newcastlemax category.

The gross per-day charter rate is $18,400, with a 5% commission to be paid to a third party from it. The charter contract is for minimum until October 16, 2021 which could go to maximum period of until December 30, 2021. The charter was commenced later on the day of announcement while the m/v Newport News was previously chartered to SwissMarine Services S.A., Geneva. Gross rate for that charter was US$16,500 per day, minus a 5% commission paid to third parties.

The capacity of m/v Newport News is 208,021 dwt which was built in 2017. The deal will generate approximate revenue of $7.3 million for the company for minimum period of charter time.

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