Diana Shipping Announces Continuation of Time Charter Contract for m/v Polymnia with Cargill

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(Image Courtesy: Diana Shipping Inc)

Diana Shipping Inc. on Monday announced that it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia.

The gross charter rate is USD 16,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum fourteen (14) months to maximum seventeen (17) months.

The new charter period is expected to commence on July 8, 2018. The m/v Polymnia is currently chartered, as previously announced, at a gross charter rate of USD 10,100 per day, minus a 4.75% commission paid to third parties.

The “Polymnia” is a 98,704 dwt Post-Panamax dry bulk vessel built in 2012. The employment extension of “Polymnia” is anticipated to generate approximately USD 6.72 million of gross revenue for the minimum scheduled period of the time charter extension.

Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.86 years.

Sea News, July 3