Diana Shipping Fixes Coronis with Koch

Maritime Activity Reports, Inc.

February 20, 2020

M/v Coronis. Image: Diana Shipping Inc

M/v Coronis. Image: Diana Shipping Inc

Diana Shipping  announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Coronis.

The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of about nine months to about 10 months.

The charter commenced earlier today. The m/v Coronis was previously chartered to Tongli Shipping Pte. Ltd., at a gross charter rate of US$5,300 per day, minus a 5% commission paid to third parties.

The Coronis is a 74,381 dwt Panamax dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$2.04 million of gross revenue for the minimum scheduled period of the time charter.

Meanwhile, Diana Shipping   also announced that it has received a notice of cancellation of the Memorandum of Agreement, between a separate wholly-owned subsidiary and an unaffiliated third party, to sell the 2002-built Capesize vessel Norfolk, as previously announced.

The buyers elected to exercise their right to cancel the Contract as a result of vessel’s missing the cancelling date stipulated therein, due to unforeseen events, unrelated to the condition of the vessel, and have requested the refund of the deposit of the purchase price. The Company has taken steps to release the deposit to the buyers.

Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.2 million dwt with a weighted average age of 9.68 years.

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