Diana Shipping Fixes Medusa with Cargill

Maritime Activity Reports, Inc.

November 14, 2019

Pic: Diana Shipping Inc

Pic: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it 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 gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period of about 11 months to maximum 13 months, said the global shipping company specializing in the ownership of dry bulk vessels.

The new charter period is expected to commence on November 15, 2019.

The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.

According to the provider of shipping transportation services, this employment is anticipated to generate approximately US$3.47 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 Clio, Diana Shipping Inc.’s fleet will consist of 42 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax).

As of today, the combined carrying capacity of the company’s fleet, including the m/v Clio, is approximately 5.3 million dwt with a weighted average age of 9.48 years.

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