Diana Shipping Seals Time Charter Deal For Kamsarmax With Cargill

Photo credit: Diana Shipping

The Greek dry bulk owner Diana Shipping led-by the Palios family, a shipping specialist in the ownership and bareboat charter-in of dry bulk vessels, reported today that through its subsidiary has sealed a time charter contract deal with Cargill International S.A., Geneva, for one of its kamsarmax dry bulk vessels, Leonidas P. C.

The charter deal has a gross charter rate of US$17,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum 11 to maximum 13 months. The charter commenced earlier today.

The “Leonidas P. C.” is a 2011-built kamsarmax of 82,165 deadweight dry bulk vessel, and the owner expects to make US$5.61 million of gross revenue of the charter´s minimum scheduled period.

Diana´s Shipping fleet currently consists of 41 dry bulk vessels (4 newcastlemax, 10 capesize, 5 post-panamax, 6 kamsarmax, 7 panamax and 9 ultramax). The company also expects to take delivery of 1 ultramax dry bulk vessel by the beginning of April of 2023.

As of today, the combined carrying capacity of the company’s fleet, excluding the 1 ultramax dry bulk vessel not yet delivered, is approximately 4.7 million deadweight with a weighted average age of 9.95 years.

The Greek dry bulk owner reported in the previous month its financial results for the fourth quarter and whole year of 2022, a new credit facility with a major European bank in an amount of up to $100 million, cash and special dividend declarations, and changes in the company’s board of directors.

Specifically, the shipowner reported for the fourth quarter of 2022 a net income of $25.7 million, and net income attributed to common stockholders of $24.2 million.

The New-York listed company also reports for the year 2022 a net income amounted to $119.1 million, and net income attributed to common stockholders amounted to $113.3 million, in comparison with 2021 which the company had a net income of $57.4 million, and net income attributed to common stockholders of $51.6 million.

The company also announced changes in the size of the board of directors from nine to eleven members.

Disclaimer for podcasts and articles

When you view, access or otherwise use our podcasts or articles, you acknowledge the application of this disclaimer:

Shipping Telegraph ApS provides no warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in our podcasts or articles. The information, opinions, recommendations, content, etc. presented in our podcasts or articles are for information purposes only and do not constitute or replace professional advice. Any reliance you may place on the information provided in our podcast or articles is strictly at your own risk.

Unless it is specifically stated, Shipping Telegraph ApS does not approve, recommend or certify any product, process, service, organization, etc. presented or mentioned in our podcasts or articles. Any third-party materials, advertisements or content of any third-party referenced in our podcasts or articles do not necessarily reflect the opinions, standard or policies of Shipping Telegraph ApS, and Shipping Telegraph ApS cannot be held accountable hereof. Shipping Telegraph ApS is not responsible or liable for the accuracy, completeness or compliance with applicable laws of any third-party material, advertisements and content.

Shipping Telegraph ApS shall not be responsible for any errors or omissions contained in the podcasts, the articles or the website used to gain access hereto and reserves the right to make changes without notice. Shipping Telegraph ApS makes no warranty that our podcasts or articles, or the server making them available, are free of viruses, worms, etc.

Shipping Telegraph ApS expressly disclaims any and all liability or responsibility for any direct, indirect, punitive, incidental, consequential or other damages or other claims arising out of or in connection with any individual's and business entity's use of, reference to, reliance on our podcasts or articles or the information presented herein. By ticking the box, I agree with the disclaimer above.