Diana Shipping Secures Time Charter for Bulk Carrier Phaidra

Diana Shipping Inc., a global shipping company specializing in dry bulk vessels, has announced a new time charter contract for one of its Post-Panamax dry bulk carriers. According to the company's press release, Diana's wholly-owned subsidiary has entered into a time charter contract with Nippon Yusen Kabushiki Kaisha (NYK), a major Japanese shipping and logistics company, for the m/v Phaidra. The charter is for a period of about 14-17 months at a gross charter rate of $16,000 per day. The Phaidra is a 87,146 dwt Post-Panamax dry bulk carrier built in 2013. This new charter contract is expected to generate approximately $3.36 million of gross revenue for the minimum scheduled period of the time charter. 'We are pleased to have secured this time charter employment for the Phaidra, which enhances the visibility of our cash flow,' said Semiramis Paliou, Chief Executive Officer of Diana Shipping. 'The charter rate reflects the continued improvement in the dry bulk market fundamentals.' The announcement comes as the dry bulk shipping sector has seen a steady recovery in charter rates and vessel values in recent months, driven by strong demand for commodities and constrained fleet growth. This new contract for the Phaidra demonstrates Diana's ability to capitalize on improving market conditions to generate stable cash flows for the company.