Diana Shipping Announces Continuation of Time Charter Contract with Cargill


Diana Shipping Inc. on Tuesday 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 USUSD 14,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum thirteen (13) months to maximum fifteen (15) months.

The new charter period commenced yesterday. The m/v Medusa was chartered, as previously announced, at a gross charter rate of USUSD 10,000 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. This employment is anticipated to generate approximately USUSD 5.46 million of gross revenue for the minimum scheduled period of the time charter.

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 9.03 years.

Sea News, September 5


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