Diana Shipping Announces Time Charter Contract with Cargill

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(Image Courtesy: Peter Karberg / Marine Traffic)

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 Capesize dry bulk vessels, the m/v Semirio.

The gross charter rate is US$16,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum fifteen (15) months to maximum eighteen (18) months. The charter is expected to commence on July 1, 2019.

The “Semirio” is a 174,261 dwt Capesize dry bulk vessel built in 2007.

This employment is anticipated to generate approximately US$7.2 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 Thetis, Diana Shipping Inc.’s fleet will consist of 44 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 16 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Thetis, is approximately 5.5 million dwt with a weighted average age of 9.31 years.

Sea News, June 28