DIANA SHIPPING INC. ANNOUNCES DIRECT CONTINUATION OF TIME CHARTER AGREEMENTS FOR M/V MYRSINI AND M/V NORFOLK WITH CLEARLAKE
ATHENS, GREECE, February 3, 2015 – 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 agreed to extend the present time charter contract with Clearlake Shipping Pte. Ltd., Singapore, a member of the Gunvor Group, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini. The gross charter rate is US$8, 250 per day minus a 4.75% commission paid to third parties, for a period of minimum ten (10) months to maximum fourteen (14) months. The new charter period is expected to commence on February 15, 2015.
The “Myrsini” is a 82, 117 dwt Kamsarmax dry bulk vessel built in 2010.
The Company also announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Clearlake Shipping Pte. Ltd., Singapore, a member of the Gunvor Group, for one of its Capesize dry bulk vessels, the m/v Norfolk. The gross charter rate is US$10, 250 per day minus a 4.75% commission paid to third parties, for a period of minimum thirteen (13) months to maximum seventeen (17) months. The new charter period is expected to commence on February 26, 2015.
The “Norfolk” is a 164, 218 dwt Capesize dry bulk vessel built in 2002.
In total the employments of “Myrsini” and “Norfolk” are anticipated to generate approximately US$6.47 million of gross revenue for the minimum scheduled period of the time charter extensions.
Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (2 Newcastlemax, 12 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 4.6 million dwt with a weighted average age of 6.86 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.
