Diana Shipping announces continuation of time charter contracts

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 RWE Supply & Trading GmbH, Essen, Germany, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini. The gross charter rate is US$8,650 per day minus a 5% commission paid to third parties, for a period until minimum August 31, 2018 and maximum December 31, 2018. The new charter period commenced yesterday.
 
The “Myrsini” is a 82,117 dwt Kamsarmax dry bulk vessel built in 2010.
 
Diana Shipping also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen months to maximum seventeen months. The charter is expected to commence on June 11, 2017.
 
The “Electra” is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.
 
In addition, Diana Shipping 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 Post-Panamax dry bulk vessels, the m/v Alcmene. The gross charter rate is US$8,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum thirteen months to about sixteen (16) months.
 
The “Alcmene” is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010.
 
Furthermore, Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Oceanis. The gross charter rate is US$7,000 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen months to about seventeen  months. The charter commenced on May 30, 2017.
 
The “Oceanis” is a 75,211 dwt Panamax dry bulk vessel built in 2001.
 
Finally, Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Triton. The gross charter rate is US$6,500 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen months to about sixteen months.
 
The “Triton” is a 75,336 dwt Panamax dry bulk vessel built in 2001.
 
The employment extension of “Myrsini” and the employments of “Electra”, “Alcmene”, “Oceanis” and “Triton” are anticipated to generate approximately US$15.61 million of gross revenue for the minimum scheduled period of the time charters.
 
Diana Shipping Inc.’s fleet currently consists of 51 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.9 million dwt with a weighted average age of 7.86 years.
 
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.