Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Nippon Yusen Kabushiki Kaisha, Tokyo, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia.

The gross charter rate is US$22,500, minus a 5% commission paid to third parties, for a period until minimum April 20, 2025 up to maximum July 20, 2025. The charter is expected to commence on February 5, 2024.

The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

The employment of “Philadelphia” is anticipated to generate approximately US$9.79 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of m/v Artemis, Diana Shipping Inc.’s fleet will consist of 39 dry bulk vessels: 4 Newcastlemax, 9 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax and 9 Ultramax. As of today, the combined carrying capacity of the Company’s fleet including the m/v Artemis, is approximately 4.5 million dwt with a weighted average age of 10.62 years.

Diana Shipping Inc. press release