LEADING INTERNATIONAL MARITIME MAGAZINE

Diana Shipping delivers two Newcastlemax dry bulk vessels

Through two separate wholly-owned subsidiaries, global shipping company Diana Shipping has taken delivery of two newbuilding Newcastlemax dry bulk vessels of approximately 208,500 dwt that were contracted in May 2013. 

The dry bulk vessels specialist has welcomed San Francisco (formerly Hull No. H2548) and Newport News (formerly Hull No. H2549) to its fleet.
 
San Francisco is time chartered to Koch Shipping in Singapore, at a gross charter rate of US$11,750 per day, minus a 5% commission paid to third parties, for a period of between 12 and 16 months, commencing January 6, 2017. Diana Shipping says this arrangement is anticipated to generate approximately US$4.23 million of gross revenue for the minimum scheduled period of the time charter.
 
Newport News is time chartered to Geneva- based SwissMarine Services for 22 to 26 months at a daily gross charter rate calculated at 24% above the BCI 2014 average of the five pre-determined time charter routes as published by the Baltic Exchange, minus a 5% commission paid to third parties. The initial charter payment will be made on delivery of the vessel to the charterers based on the average of the five pre-determined time charter routes for the 15 days preceding the vessel's delivery date. At the end of the time charter period, there will be a final settlement to reflect the average daily rate of the five pre-determined time charter routes for the actual duration of the charter. The charter is expected to commence on January 9, 2017.
 
Additionally, Diana Shipping also announced that, through the two separate wholly-owned subsidiaries, it has completed a drawdown of US$57.24 million from its previously announced term loan facility with The Export-Import Bank of China. The purpose of this drawdown is to partially finance the acquisition cost of the two new vessels.
 
With the two new vessels, Diana Shipping’s fleet currently consists of 48 dry bulk vessels (four Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the company’s fleet is approximately 5.7 million dwt with a weighted average age of 7.6 years.