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Diana Shipping enters time charter contract with EGPN Bulk Carrier Co.

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Dry Bulk,

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with EGPN Bulk Carrier Co. Ltd, Hong Kong, for one of its capesize dry bulk vessels, the m/v Boston.

The gross charter rate is US$17 000/day, minus a 5% commission paid to third parties, for a period of minimum 16 months to maximum 19 months. The charter commenced on 6 December. The m/v Boston was chartered, as previously announced, to Clearlake Shipping Pte. Ltd, Singapore, at a gross charter rate of US$13 000/day, minus a 4.75% commission paid to third parties, for the agreed period of the time charter.

The “Boston” is a 177 828 DWT capesize dry bulk vessel built in 2007.

This employment is anticipated to generate approximately US$8.16 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping’s fleet currently consists of 50 dry bulk vessels (four newcastlemax, 14 capesize, 5 post-panamax, five kamsarmax and 22 panamax). The combined carrying capacity of the company’s fleet is now approximately 5.8 million DWT with a weighted average age of 8.29 years.

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