DIANA SHIPPING INC. ANNOUNCES TIME CHARTER CONTRACTS FOR M/V ERATO AND M/V ATALANDI WITH GLENCORE
ATHENS, GREECE, March 28, 2016 – 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 entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Erato. The gross charter rate is US$4, 650 per day, minus a 5% commission paid to third parties, for a period of about eleven (11) months to maximum fourteen (14) months. The charter commenced on March 26, 2016.
The “Erato” is a 74, 444 dwt Panamax dry bulk vessel built in 2004.
The Company also announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v Atalandi. The gross charter rate is US$5, 300 per day, minus a 5% commission paid to third parties, for a period of minimum twenty (20) months to maximum twenty-five (25) months. The charter commenced on March 26, 2016.
The “Atalandi” is a 77, 529 dwt Ice Class Panamax dry bulk vessel built in 2014.
The employments of “Erato” and “Atalandi” are anticipated to generate approximately US$4.6 million of gross revenue for the minimum scheduled period of the time charters.
Diana Shipping Inc.’s fleet currently consists of 45 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 22 Panamax). The Company also expects to take delivery of one Panamax dry bulk vessel by the end of April 2016, one new-building Newcastlemax dry bulk vessel during the third quarter of 2016, as well as one new-building Newcastlemax dry bulk vessel and one new-building Kamsarmax dry bulk vessel during the fourth quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 7.49 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.
