ATHENS, GREECE, December 4, 2014 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with K Noble Hong Kong Ltd., Hong Kong, for one of its Capesize dry bulk vessels, the m/v Salt Lake City, for a period of minimum twenty-one (21) months to maximum twenty-four (24) months.
The daily gross charter rate will be 3.5% above the BCI average of the four pre-determined time charter routes as published by the Baltic Exchange minus a 5% commission paid to third parties. The initial charter payment will be made on delivery of the vessel to the charterers based on the average of the four pre-determined time charter routes for the 15 days preceding the vessel’s delivery date. At the end of the time charter period, there will be a final settlement to reflect the average daily rate of the four pre-determined time charter routes for the actual duration of the charter. The charter is expected to commence during January 2015.
The “Salt Lake City” is a 171, 810 dwt Capesize dry bulk vessel built in 2005.
Diana Shipping Inc.’s fleet currently consists of 39 dry bulk vessels (2 Newcastlemax, 11 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the three vessels not yet delivered, is approximately 4.4 million dwt with a weighted average age of 6.98 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.
About the Company
Diana Shipping Inc. is a leading global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.