Diana Shipping Updates on Time Charter Contracts

Maritime Activity Reports, Inc.

December 21, 2017

M/V Erato. Photo: Diana Shipping Inc.

M/V Erato. Photo: Diana Shipping Inc.

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Erato. 

 
The gross charter rate is US$10,500 per day, minus a 5% commission paid to third parties, for a period of minimum 14 months to maximum 17 months. The new charter period is expected to commence on December 30, 2017. 
 
 
The m/v Erato is currently chartered, as previously announced, at a gross charter rate of US$7,250 per day, minus a 5% commission paid to third parties. The “Erato” is a 74,444 dwt Panamax dry bulk vessel built in 2004.
 
The Company also announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Danae. 
 
The gross charter rate is US$10,000 per day, minus a 5% commission paid to third parties, for a period of minimum 13 months to about 16 months. The new charter period is expected to commence on December 22, 2017. 
 
The m/v Danae is currently chartered at a gross charter rate of US$7,750 per day, minus a 5% commission paid to third parties. The “Danae” is a 75,106 dwt Panamax dry bulk vessel built in 2001.
 
In addition, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with DHL Project & Chartering Limited, Hong Kong, for one of its Capesize dry bulk vessels, the m/v New York. 
 
The gross charter rate is US$16,000 per day, minus a 5% commission paid to third parties, for a period of minimum 16 months to maximum 19 months. The charter is expected to commence by mid-January, 2018. 
 
The m/v New York is currently chartered, as previously announced, to Koch Shipping Pte. Ltd., Singapore, at a gross charter rate of US$14,450 per day, minus a 5% commission paid to third parties. The “New York” is a 177,773 dwt Capesize dry bulk vessel built in 2010.
 
The employment extensions of “Erato” and “Danae” as well as the employment of “New York” are anticipated to generate approximately US$15.99 million of gross revenue for the minimum scheduled period of the time charters.
 
Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.33 years.
 
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