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Diana Shipping enters time charter contract with Ausca

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Dry Bulk,

Diana Shipping Inc., has entered into a time charter contract through a separate wholly-owned subsidiary, with Ausca Shipping Ltd, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Dione.

The gross charter rate is US$10 350/d, minus a 5% commission paid to third parties, for a period of 14 months to about 17 months. The charter is expected to commence on 23 January 2018. The m/v Dione is currently chartered, as previously announced, to Caravel Shipping Ltd, Hong Kong, at a gross charter rate of US$7200/d for the first 90 days of the charter period and US$7050/d for the balance period of the time charter, in each case minus a 5% commission paid to third parties.

The “Dione” is a 75 172 dwt Panamax dry bulk vessel built in 2001.This addition is anticipated to generate approximately US$4.35 million of gross revenue for the minimum scheduled period of the time charter. Diana Shipping’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). With this addition, the combined carrying capacity of the company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.42 years.

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