DIANA SHIPPING INC. ANNOUNCES DIRECT CONTINUATION OF TIME CHARTER CONTRACT FOR M/V MEDUSA WITH CARGILL
ATHENS, GREECE, November 14, 2019 – 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 Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period of about eleven (11) months to maximum thirteen (13) months. The new charter period is expected to commence on November 15, 2019.
The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.
This employment is anticipated to generate approximately US$3.47 million of gross revenue for the minimum scheduled period of the time charter.
Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Clio, Diana Shipping Inc.’s fleet will consist of 42 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Clio, is approximately 5.3 million dwt with a weighted average age of 9.48 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.