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Diana Shipping enters time charter contract with BG Shipping

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Dry Bulk,

Global Shipping company Diana Shipping has, through a separate wholly-owned subsidiary, entered into a time charter contract with BG Shipping Co. Ltd, Hong Kong, for one of its panamax dry bulk vessels, the m/v Selina, for a period of minimum nine months to about 12 months.

The gross charter rate is US$4500/day for the first 30 days of the charter period and US$7100/day for the balance period of the time charter, in each case minus a 5% commission paid to third parties. The charter is expected to commence on 24 January 2017. The “Selina” is a 75 700 DWT panamax dry bulk vessel built in 2010.

The employment of “Selina” is anticipated to generate approximately US$1.84 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’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 7.65 years.

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