Diana Shipping Announces another Time Charter

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, has  announced that it has entered into a time charter contract with Augustea Bunge Maritime Limited, Malta, through a separate wholly-owned subsidiary, for one of its Post-Panamax dry bulk carriers, the m/v Polymnia.

 

The gross charter rate is US$7,600 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-four (24) months. The charterer has the option to further employ the vessel for about eleven (11) to maximum thirteen (13) months at a gross charter rate of US$11,000 per day, less a 5% commission paid to third parties. The optional period must be declared by the charterer no later than twenty-two (22) months after the delivery of the vessel to the charterer. The charter is expected to commence in mid-January 2013 and the optional period, if exercised, will start as of the end of the twenty-fourth (24) month.

This employment is anticipated to generate approximately US$4.1 million of gross revenue for the minimum scheduled period of the charter. If the charterer exercises its optional period, the charter is expected to generate an additional US$3.5 million of gross revenue for the minimum optional period.

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

Diana Shipping Inc.'s fleet currently consists of 30 dry bulk carriers (17 Panamax, 3 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 1 new-building Kamsarmax vessel expected to be delivered to the Company during the first quarter of 2013 and 2 new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of our current fleet, excluding the three vessels not yet delivered, is approximately 3.4 million dwt with a weighted average age of 6.0 years.