Diana Shipping Takes Delivery of Capesize Bulk Carrier

Tuesday, May 01, 2007
Diana Shipping Inc. has taken delivery of the 180,235 dwt Capesize dry bulk carrier, to be renamed Aliki, built in 2005 by Imabari Shipbuilding Co., Saijo Shipyard. The agreement to purchase this vessel was originally announced on March 6, 2007. As previously announced, the Company has entered into a time charter contract with Cargill International S.A. for the Aliki for a minimum 46 to maximum 49 month period at an average rate of $48,500 per day. During the first two years of the charter the gross daily charter hire rate will be $52,000 and during the third and fourth years of the charter $45,000. The charterer has the option to employ the vessel for a further 11 to 13 month period at a daily charter rate of $48,500. The charter commenced on May 1, 2006.

During the initial four years, this employment is expected to generate gross revenues of approximately $69 million. If the charterer exercises its option for the fifth year, the charter is expected to generate aggregate gross revenues of approximately $86 million over the entire period. Including the newly-delivered Aliki, the Diana Shipping fleet currently consists of 16 vessels (13 Panamax and 3 Capesize). Four additional Capesize vessel newbuildings also have been announced, one of which is expected to be delivered in June 2007, another in November 2007, and two others in the second quarter of 2010.

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