Greek dry bulk owner Diana Shipping has entered into a new time charter contract with Koch Shipping for 2012-built newcastlemax Philadelphia.
.The new contract is for 20-23 months at $20,000 per day, a 29% increase on the $15,500 per day previously being paid by Koch.
The charter will generate Diana around $11.7m based on the minimum time charter period.
Diana has a fleet of 50 bulkers, four of which are newcastlemaxes.
