Diana Shipping, Hudson Shipping Lines Pact for Time Charter

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Hudson Shipping Lines Incorporated for one of its Panamax dry bulk vessels, the m/v Protefs.

The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$11,000 per day, minus a 3.75% commission paid to third parties, for a period of about 12 months to maximum 15 months.

The new charter period will commence on September 19, 2018. The m/v Protefs is currently chartered, as previously announced, at a gross charter rate of US$7,900 per day, minus a 5% commission paid to third parties.

The “Protefs” is a 73,630 dwt Panamax dry bulk vessel built in 2004.

The Greek shipper also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hudson Shipping Lines Incorporated for one of its Panamax dry bulk vessels, the m/v Nirefs.

The gross charter rate is US$10,750 per day, minus a 3.75% commission paid to third parties, for a period of minimum 11 months to maximum 14 months. The charter commenced on August 11, 2018.

The m/v Nirefs was chartered, as previously announced, to Jaldhi Overseas Pte. Ltd., Singapore, at a gross charter rate of US$9,400 per day, minus a 5% commission paid to third parties.

The “Nirefs” is a 75,311 dwt Panamax dry bulk vessel built in 2001.

The employment extension of “Protefs” as well as the employment of “Nirefs” are anticipated to generate approximately US$7.34 million of gross revenue for the minimum scheduled periods of the time charters.

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 8.97 years.