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Diana Shipping enters new time charter contract and extends a present contract

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Dry Bulk,

Through a separate wholly-owned subsidiary, Diana Shipping Inc. has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore for one of its capesize dry bulk vessels, the m/v P. S. Palios.

The gross charter rate is US$10 550/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 21 January 2017. The “P. S. Palios” is a 179 134 DWT capesize dry bulk vessel built in 2013.

Additionally, the company announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its kamsarmax dry bulk vessels, the m/v Myrto, for a period of minimum 12 months to maximum 15 months. The gross charter rate is US$8000/day, minus a 4.75% commission paid to third parties. The new charter period is expected to commence on January 16, 2017.

The “Myrto” is a 82 131 DWT kamsarmax dry bulk vessel built in 2013. The employment of “P. S. Palios” as well as the employment extension of “Myrto” are anticipated to generate approximately US$6.68 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping’s fleet currently consists of 48 dry bulk vessels (four newcastlemax, 14 capesize, three post-panamax, four kamsarmax and 23 panamax). As of today, the combined carrying capacity of the company’s fleet is approximately 5.7 million DWT with a weighted average age of 7.62 years.

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