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Diana Shipping enters time charter contract for capesize vessel with Berge Bulk

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Dry Bulk,

Yesterday, through a separate wholly-owned subsidiary, Diana Shipping Inc., entered into a time charter contract with Berge Bulk Shipping Pte. Ltd. (Singapore), for one of its capesize dry bulk vessels, the m/v Sideris GS, for a period until minimum 15 December 2019 up to a maximum 30 March 2020. The gross charter rate is US$8500/d for the first 30 days of the charter period and US$15 350/d for the balance period of the time charter, in each case minus a 5% commission paid to third parties. The charter commenced on 15 November 2018. The m/v Sideris GS was chartered, as previously announced, to Rio Tinto Shipping (Asia) Pte., Ltd. (Singapore), at a gross charter rate of US$13 000/d, minus a 5% commission paid to third parties.

The Sideris GS is a 174 186 DWT capesize dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$6.24 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sales of two panamax dry bulk vessels, m/v Triton and m/v Alcyon, Diana Shipping Inc.’s fleet will consist of 48 dry bulk vessels (4 newcastlemax, 14 capesize, 5 post-panamax, 5 kamsarmax and 20 panamax). As of today, the combined carrying capacity of the company’s fleet, including m/v Triton and m/v Alcyon, is approximately 5.8 million DWT with a weighted average age of 9.24 years. 

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