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Diana Shipping enters time charter contract with Koch for a newcastlemax

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Dry Bulk,

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with Koch Shipping Pte. Ltd, Singapore, for one of its newcastlemax dry bulk vessels, “Hull No. H2548” (to be named San Francisco), which is currently under construction. The gross charter rate is US$11 750/day, minus a 5% commission paid to third parties, for a period of minimum 12 months to about 16 months. The charter is expected to commence on 6 January 2017.

The m/v San Francisco is a newbuilding newcastlemax dry bulk vessel of approximately 208 500 DWT.

This employment is anticipated to generate approximately US$4.23 million of gross revenue for the minimum scheduled period of the time charter.

Excluding the aforementioned vessel, Diana Shipping Inc.’s fleet currently consists of 46 dry bulk vessels (two newcastlemax, 14 capesize, three post-panamax, four kamsarmax and 23 panamax). The company also expects to take delivery of one new-building newcastlemax dry bulk vessel during 1Q17. The combined carrying capacity of the Diana Shipping’s fleet, excluding the two vessels not yet delivered, is approximately 5.2 million DWT with a weighted average age of 8.13 years.

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