Diana Shipping Announces Time Charter with BG Shipping

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Diana Shipping on Wednesday announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with BG Shipping Co., Limited, Hong Kong, for one of its Post-Panamax dry bulk vessels, the m/v Alcmene.

The gross charter rate is US$11,500 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter commenced earlier today.

The “Alcmene” is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010. This employment is anticipated to generate approximately US$3.8 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sales of two Panamax dry bulk vessels, m/v Triton and m/v Alcyon, Diana Shipping Inc.’s fleet will consist of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 20 Panamax).

As of today, the combined carrying capacity of the Company’s fleet, including m/v Triton and m/v Alcyon, is approximately 5.8 million dwt with a weighted average age of 9.25 years.

Sea News, November 22

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