DIANA SHIPPING INC. ANNOUNCES TIME CHARTER CONTRACT FOR M/V P. S. PALIOS WITH KOCH AND DIRECT CONTINUATION OF TIME CHARTER CONTRACT FOR M/V MYRTO WITH CARGILL
ATHENS, GREECE, January 13, 2017 – 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 Koch Shipping Pte. Ltd., Singapore for one of its Capesize dry bulk vessels, the m/v P. S. Palios. The gross charter rate is US$10,550 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to about sixteen (16) months. The charter is expected to commence on January 21, 2017.
The “P. S. Palios” is a 179,134 dwt Capesize dry bulk vessel built in 2013.
Additionally, the Company announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Myrto, for a period of minimum twelve (12) months to maximum fifteen (15) months. The gross charter rate is US$8,000 per day, minus a 4.75% commission paid to third parties. The new charter period is expected to commence on January 16, 2017.
The “Myrto” is a 82,131 dwt Kamsarmax dry bulk vessel built in 2013.
The employment of “P. S. Palios” as well as the employment extension of “Myrto” are anticipated to generate approximately US$6.68 million of gross revenue for the minimum scheduled period of the time charters.
Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.7 million dwt with a weighted average age of 7.62 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.
