News

2018 April 19 17:05

Diana Shipping announces continuation of time charter contract and a new time charter contract with Cargill

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has 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 Capesize dry bulk vessels, the m/v Santa Barbara. The gross charter rate is US$20,250 per day, minus a 4.75% commission paid to third parties, for a period of about eighteen (18) months to about nineteen (19) months. The new charter period is expected to commence on April 24, 2018. The m/v Santa Barbara is currently chartered, as previously announced, at a gross charter rate of US$12,000 per day, minus a 4.75% commission paid to third parties.
 
The “Santa Barbara” is a 179,426 dwt Capesize dry bulk vessel built in 2015.
 
The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Myrto. The gross charter rate is US$14,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum thirteen months to maximum fifteen months. The charter is expected to commence on April 24, 2018. The m/v Myrto is currently chartered, as previously announced, at a gross charter rate of US$8,000 per day, minus a 4.75% commission paid to third parties, for the agreed period of the time charter.
 
The “Myrto” is a 82,131 dwt Kamsarmax dry bulk vessel built in 2013.
 
The employment extension of “Santa Barbara” as well as the employment of “Myrto” are anticipated to generate approximately US$16.09 million of gross revenue for the minimum scheduled period of the time charters.
 
Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.65 years.
 
About the Company
 
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.