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Diana Shipping enters time charter contract with Cargill

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Dry Bulk,

Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, yesterday 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 capesize dry bulk vessels, the m/v New Orleans. The gross charter rate is US$15 000/day, minus a 4.75% commission paid to third parties, for a period of about 16 months to about 19 months. The charter commenced yesterday.

The “New Orleans” is a 180 960 DWT capesize dry bulk vessel built in 2015.

This employment is anticipated to generate approximately US$6.98 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Dione, Diana Shipping Inc.’s fleet will consist of 46 dry bulk vessels (4 newcastlemax, 14 capesize, 5 post-panamax, 5 kamsarmax and 18 panamax). As of this addition, the combined carrying capacity of the company’s fleet, including the m/v Dione, is approximately 5.6 million DWT with a weighted average age of 9.29 years.

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