Diana Finds Work for Panamax Duo

by Joseph R. Fonseca July 14, 2015

Diana Shipping Inc., today informed that through a separate wholly-owned subsidiary, it entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Naias. The gross charter rate is US$6,800 per day minus a 4.75% commission paid to third parties, for a period of minimum ten (10) months to maximum thirteen (13) months. The charter commenced yesterday.

The “Naias” is a 73,546 dwt Panamax dry bulk vessel built in 2006.
Additionally, the Company announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Norden A/S, Copenhagen, for one of its Panamax dry bulk vessels, the m/v Thetis. The gross charter rate is US$7,000 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence tomorrow.

The “Thetis” is a 73,583 dwt Panamax dry bulk vessel built in 2004.
The employments of “Naias” and “Thetis” are anticipated to generate approximately US$4.35 million of gross revenue for the minimum scheduled period of the time charters.

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, as well as 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 7.26 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.