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Diana Shipping extends time charter contract for post-panamax vessel with Cargill

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Dry Bulk,

Yesterday, through a separate wholly-owned subsidiary, Diana Shipping Inc, a global shipping company specialising in the ownership of dry bulk vessels, agreed to extend the present time charter contract with Cargill International S.A. for one of its post-panamax dry bulk vessels, the m/v Polymnia. The Polymnia is a 98 704 DWT post-panamax dry bulk vessel built in 2012.

The gross charter rate is US$16 000/d, minus a 4.75% commission paid to third parties for a period of 14 – 17 months. The new charter period is expected to commence on 8 July 2018. The m/v Polymnia is currently chartered at a gross charter rate of US$10 100/d, minus a 4.75% commission paid to third parties.

The extension of the time charter contract for Polymnia is expected to generate approximately US$6.72 million of gross revenue for the minimum scheduled period of the time charter extension.

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