Diana Shipping a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte, Singapore, for one of its Newcastlemax dry bulk vessels, the m/v San Francisco. The gross charter rate is US$30,500 per day, minus a 5% commission paid to third parties, for a period until minimum March 1, 2023 up to maximum May 15, 2023. The charter commenced retroactively as of February 18, 2022. The m/v San Francisco was chartered, as previously announced, to Olam International Limited, Singapore, at a gross charter rate of US$17,750 per day for the first one hundred five  days of the charter period and US$24,700 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties.

The “San Francisco” is a 208,006 dwt Newcastlemax dry bulk vessel built in 2017.

The employment of “San Francisco” is anticipated to generate approximately US$11.32 million of gross revenue for the minimum scheduled period of the time charter (i.e. about 371 days).