Diana Shipping Inc. enters time charter contract for m/v Arethusa with Ausca

Owner of dry bulk fleet Diana Shipping Inc. says that it has entered, through a separate wholly-owned subsidiary, into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Arethusa. The gross charter rate is US$9,150 per day, minus a 5% commission paid to third parties, for a period of minimum twelve months to maximum fifteen months. The charter is expected to commence later May 2.

The “Arethusa” is a 73,593 dwt Panamax dry bulk vessel built in 2007.

This employment is anticipated to generate approximately US$3.29 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Erato, Diana Shipping Inc.’s fleet will consist of 45 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 17 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Erato, is approximately 5.5 million dwt with a weighted average age of 9.23 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.