Diana’s Time Charter Contract

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Diana Shipping Inc has agreed to extend their present time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Santa Barbara, through a separate wholly-owned subsidiary, says a report in Globe News Wire.

The global global shipping company which specializes in the ownership of dry bulk vessels, announced this on Wednesday.

Charter Details

The gross charter rate is US$20,250 per day, minus a 4.75% commission paid to third parties, for a period of about eighteen (18) months to about nineteen (19) months. The new charter period is expected to commence on April 24, 2018. The m/v Santa Barbara is currently chartered, as previously announced, at a gross charter rate of US$12,000 per day, minus a 4.75% commission paid to third parties.

The “Santa Barbara” is a 179,426 dwt Capesize dry bulk vessel built in 2015.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Myrto. The gross charter rate is US$14,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum thirteen (13) months to maximum fifteen (15) months. The charter is expected to commence on April 24, 2018. The m/v Myrto is currently chartered, as previously announced, at a gross charter rate of US$8,000 per day, minus a 4.75% commission paid to third parties, for the agreed period of the time charter.

The “Myrto” is a 82,131 dwt Kamsarmax dry bulk vessel built in 2013.

Revenue Prospect

The employment extension of “Santa Barbara” as well as the employment of “Myrto” are anticipated to generate approximately US$16.09 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.65 years.

A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com.

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Source: Globe News wire