DIANA SHIPPING INC. ANNOUNCES DIRECT CONTINUATION OF TIME CHARTER CONTRACT FOR M/V MEDUSA WITH CARGILL
ATHENS, GREECE, February 28, 2022 – 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$26,000 per day, minus a 4.75% commission paid to third parties, for a period until minimum May 15, 2023 up to maximum July 15, 2023. The new charter period is expected to commence on March 5, 2022. The m/v Medusa is currently chartered, as previously announced, at a gross charter rate of US$11,000 per day, minus a 4.75% commission paid to third parties.
The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.
The employment of “Medusa” is anticipated to generate approximately US$11.18 million of gross revenue for the minimum scheduled period of the time charter (i.e. about 430 days).
Diana Shipping Inc.’s fleet currently consists of 34 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax and 8 Panamax). The Company also expects to take delivery of one new-building Capesize dry bulk vessel by the end of the first quarter of 2022. As of today, the combined carrying capacity of the Company’s fleet, excluding the one vessel not yet delivered, is approximately 4.4 million dwt with a weighted average age of 10.51 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 short to medium-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.
