Diana Shipping entered into a time charter contract with Louis Dreyfus Commodities S.A., Geneva, Switzerland, for its Panamax dry bulk carrier, the m/v Dione, at a gross daily rate of $20,500 for a period of minimum 22 to maximum 26 months. The charter is a direct continuation of the previous agreement and will commence at the beginning of September, 2010.
This employment is anticipated to generate approximately $13.5 million of gross revenue for the minimum scheduled period of the charter. The m/v Dione is a 75,172 dwt Panamax dry bulk carrier built in 2001.