Koch Hires Diana Shipping’s Capesize

Athens-based dry bulk owner Diana Shipping has signed a time charter contract with Singapore’s Koch Shipping for one of its Capesize dry bulk vessels.

Under the deal, Diana’s 179,362 dwt Capesize bulker Seattle would be hired at a gross charter rate of USD 24,000 per day.

The charter contract, which commenced on July 30, was agreed for a period of four to six months.

The 2001-built ship was previously chartered to Koch Shipping at a rate of USD 11,700 per day.

Diana Shipping informed that the employment is expected to generate some USD 2.88 million of gross revenue for the minimum scheduled period of the time charter.

The company recently reported a net income of USD 2 million for the second quarter of 2018, compared to a net loss of USD 23.8 million seen in the same period a year earlier.

Time charter revenues were USD 53.4 million for the quarter, up from USD 37.8 million recorded in the same period of 2017, mainly due to an increased in average time charter rates.

Net loss for the six months ended June 30, 2018 amounted to USD 1.1 million, compared to a net loss of USD 50.3 million in the same period of 2017. Time charter revenues surged to USD 101.8 million for the period, from USD 69 million reported in the first half of 2017.