Diana Shipping Inc. (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, through a separate wholly-owned subsidiary, has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa, the Company said in a press release.
The gross charter rate is US$10,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum twelve (12) months to maximum fifteen (15) months. The charter commenced on July 6, 2017. The m/v Medusa was chartered, as previously announced, to Quadra Commodities S.A., Geneva, at a gross charter rate of US$6,300 per day, minus a 5% commission paid to third parties.
The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.
The Company also 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 Artemis. The gross charter rate is US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum fifteen (15) months. The charter commenced on July 8, 2017. The m/v Artemis was chartered, as previously announced, to Bunge S.A., Geneva, at a gross charter rate of US$5,350 per day, minus a 5% commission paid to third parties.
The “Artemis” is a 76,942 dwt Panamax dry bulk vessel built in 2006.
In addition, the Company 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 Thetis. The gross charter rate is US$8,350 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum fifteen (15) months. The charter is expected to commence on July 12, 2017. The m/v Thetis is currently chartered, as previously announced, to Transgrain Shipping B.V., Rotterdam, at a gross charter rate of US$5,150 per day, minus a 5% commission paid to third parties.
The “Thetis” is a 73,583 dwt Panamax dry bulk vessel built in 2004.
The employments of “Medusa”, “Artemis” and “Thetis” are anticipated to generate approximately US$9.85 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 7.94 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.
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.
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