Diana Shipping announces direct continuation of time charter agreement for m/v Arethusa with Glencore

Diana Shipping Inc. , a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Arethusa. The gross charter rate is US$7,100 per day minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The new charter period is expected to commence on March 5, 2015, the company said in its press release.
 
The “Arethusa” is a 73,593 dwt Panamax dry bulk vessel built in 2007.
 
This employment extension is anticipated to generate approximately US$2.34 million of gross revenue for the minimum scheduled period of the time charter.
 
Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the three vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 6.9 years.
 
About the Company
 
Diana Shipping Inc. is a leading 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.