Diana Shipping Announced Vessel Delivery, Time Charters

Posted by Eric Haun January 12, 2015

Diana Shipping Inc. announces delivery of the newly built Capesize Dry Bulk Carrier m/v Santa Barbara; time charter contracts for m/v Polymnia with Vroon and m/v Danae with Glencore

Diana Shipping Inc. announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Santa Barbara (formerly Hull No. BC18.0-51), a 179,426 dwt newly built Capesize dry bulk vessel that the company entered into an agreement to purchase in December 2014.

The company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Vroon Dry Cargo Chartering B.V., Breskens, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia. The gross charter rate is $7,500 per day, plus $237,500 ballast bonus, minus a 5% commission paid to third parties, for a period of minimum nine months to maximum 13 months. The charter is expected to commence January 17, 2015.

The Polymnia is a 98,704 dwt Post-Panamax dry bulk vessel built in 2012.

Additionally, the company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Danae. The gross charter rate is $7,650 per day, minus a 3.75% commission paid to third parties, for a period of minimum 11 months to maximum 14 months. The charter is expected to commence on January 16, 2015.

The Danae is a 75,106 dwt Panamax dry bulk vessel built in 2001.

The employments of Polymnia and Danae are anticipated to generate approximately $4.79 million of gross revenue for the minimum scheduled period of the time charters, including the ballast bonus of Polymnia.

Including the newly delivered m/v Santa Barbara, Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (two Newcastlemax, 12 Capesize, three Post-Panamax, three Kamsarmax and 20 Panamax). The company also expects to take delivery of two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the three vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 6.81 years.