Diana: Direct Continuation of Time Charter Contract for m/v Baltimore & Time Charter Contract for m/v Arethusa

Diana-Shipping

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Baltimore, for a period of minimum thirteen months to about sixteen months.

The gross charter rate is US$11,300 per day, minus a 4.75% commission paid to third parties. The new charter period is expected to commence on February 3, 2017.

The “Baltimore” is a 177,243 dwt Capesize dry bulk vessel built in 2005.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Noble Resources International Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Arethusa. The gross charter rate is US$7,200 per day, minus a 5% commission paid to third parties, for a period of minimum ten months to maximum fourteen months. The charter commenced on January 23, 2017.

The “Arethusa” is a 73,593 dwt Panamax dry bulk vessel built in 2007.

The employment extension of “Baltimore” as well as the employment of “Arethusa” are anticipated to generate approximately US$6.57 million of gross revenue for the minimum scheduled period of the time charters.

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