Diana Takes a Hit on Charter Extension

 

Diana Shipping Inc. 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 Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Leto, for a period of about fifteen (15) months to about eigtheen (18) months. The gross charter rate is US$7,100 per day, minus a 4.75% commission paid to third parties. The new charter period is expected to commence on June 19, 2015.

The “Leto” is a 81,297 dwt Panamax dry bulk vessel built in 2010.

This employment extension is anticipated to generate approximately US$3.1 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 41 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Capesize dry bulk vessel during August 2015, one new-building Newcastlemax dry bulk vessel during the second quarter of 2016, and one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016.

As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 7.18 years.