DIANA SHIPPING INC. ANNOUNCES DIRECT CONTINUATION OF TIME CHARTER AGREEMENT FOR M/V SIDERIS GS WITH RIO TINTO
ATHENS, GREECE, December 18, 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 Rio Tinto Shipping (Asia) Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v Sideris GS, for a period of minimum thirteen (13) months to about eighteen (18) months. The gross charter rate is US$6, 500 per day minus a 5% commission paid to third parties. The new charter period is expected to commence on December 22, 2015.
The “Sideris GS” is a 174, 186 dwt Capesize dry bulk vessel built in 2006.
The employment extension of “Sideris GS” is anticipated to generate approximately US$2.54 million of gross revenue for the minimum scheduled period of the time charter.
Diana Shipping Inc.’s fleet currently consists of 43 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016 as well as one new-building Newcastlemax dry bulk vessel during the fourth quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.0 million dwt with a weighted average age of 7.31 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 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.