Diana Shipping announces delivery of two newbuilding Newcastlemax dry bulk vessels

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through two separate wholly-owned subsidiaries, it has taken delivery of the m/v San Francisco (formerly Hull No. H2548) and the m/v Newport News (formerly Hull No. H2549), two newbuilding Newcastlemax dry bulk vessels of approximately 208,500 dwt that were contracted in May 2013.
 
The m/v San Francisco is time chartered to Koch Shipping Pte. Ltd., Singapore, at a gross charter rate of US$11,750 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to about sixteen (16) months. The charter is expected to commence on January 6, 2017. This employment is anticipated to generate approximately US$4.23 million of gross revenue for the minimum scheduled period of the time charter.
 
The m/v Newport News is time chartered to SwissMarine Services S.A., Geneva, for a period of minimum twenty-two (22) months to maximum twenty-six (26) months. The daily gross charter rate will be 24% above the BCI_2014 average of the five pre-determined time charter routes as published by the Baltic Exchange, minus a 5% commission paid to third parties. The initial charter payment will be made on delivery of the vessel to the charterers based on the average of the five pre-determined time charter routes for the 15 days preceding the vessel's delivery date. At the end of the time charter period, there will be a final settlement to reflect the average daily rate of the five pre-determined time charter routes for the actual duration of the charter. The charter is expected to commence on January 9, 2017.
 
About Diana Shipping
 
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. Diana Shipping’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.