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Diana Shipping extends time charter contract with Glencore Agriculture

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Dry Bulk,

Diana Shipping Inc., through a separate wholly-owned subsidiary, has agreed to extend the present time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its panamax dry bulk vessels, the m/v Leto.

The gross charter rate is US$12 500/day, minus a 5% commission paid to third parties, for a period of minimum 16 months to about 19 months. The new charter period is expected to commence on 3 January 2018. The m/v Leto is currently chartered at a gross charter rate of US$7750/day, minus a 5% commission paid to third parties.

The “Leto” is a 81 297 DWT panamax dry bulk vessel built in 2010.

The employment extension of “Leto” is anticipated to generate approximately US$6 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (four newcastlemax, 14 capesize, five post-panamax, five kamsarmax and 22 panamax). Currently, the combined carrying capacity of the xompany’s fleet is approximately 5.8 million DWT.

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