Diana Announces Time Charter Contract for m/v Nirefs with Transgrain

Diana-Shipping

Diana Shipping announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Transgrain Shipping B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Nirefs.

The gross charter rate is US$4,600 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to about fourteen (14) months. The charter is expected to commence tomorrow.

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

This employment is anticipated to generate approximately US$1.5 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 43 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Newcastlemax dry bulk vessel during the third quarter of 2016 as well as one new-building Newcastlemax dry bulk vessel and one new-building Kamsarmax dry bulk vessel during the fourth quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.0 million dwt with a weighted average age of 7.38 years.

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