DIANA SHIPPING INC. ANNOUNCES DIRECT CONTINUATION OF TIME CHARTER AGREEMENT FOR M/V OCEANIS WITH GLENCORE
ATHENS, GREECE, March 23, 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 agreed to extend the present time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Oceanis, for a period of minimum eleven (11) months to maximum fourteen (14) months. The gross charter rate is US$4, 500 per day for the first fifty (50) days of the charter period and US$7, 200 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties. The charter commenced yesterday.
The “Oceanis” is a 75, 211 dwt Panamax dry bulk vessel built in 2001.
This employment extension is anticipated to generate approximately US$2.24 million of gross revenue for the minimum scheduled period of the time charter.
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 6.99 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.
