Greek dry bulk owner Diana Shipping has entered into a new time charter contract with Koch Shipping for 2017-built newcastlemax San Francisco.
The charter is for 19 to 22 months at a rate of $16,000 per day, a third less than the $24,000 per day Koch was previously paying for the ship. Koch currently has another Diana newcastlemax on charter, the 2012-built Philadelphia, for $20,000 per day.
The new San Francisco charter is expected to generate around $9.12m based on the minimum time charter period.