New York-listed Greek bulker owner Diana Shipping has entered into a time charter contract with Propel Shipping for one of its ultramax dry bulk vessels.
Propel Shipping hired the 2016-built, 60,309 dwt bulker DSI Altair. The gross charter rate is $15,750 per day, minus a 5% commission paid to third parties, for a period until a minimum of November 1, 2025, up to a maximum of December 31, 2025. The charter is expected to commence on September 26, 2024.
The employment of the bulker is anticipated to generate approximately $6.24m of gross revenue for the minimum scheduled period of the time charter.
The vessel is currently chartered to Western Bulk Carrier at a gross charter rate of $13,800 per day, minus a 5% commission paid to third parties.
Diana Shipping’s fleet will consist of 38 dry bulk vessels – four newcastlemaxes, eight capesizes, five post-panamaxes, six kamsarmaxes, six panamaxes, and nine ultramaxes.
The company also expects to take delivery of two methanol dual fuel new-building kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.
Currently, the combined carrying capacity of the company’s fleet, excluding the two vessels not yet delivered, is approximately 4.2m dwt with a weighted average age of 10.97 years.