Diana: Direct Continuation of Time Charter Contract for m/v Leto

Diana Shipping

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Leto.

The gross charter rate is US$12,500 per day, minus a 5% commission paid to third parties, for a period of minimum sixteen (16) months to about nineteen (19) months. The new charter period is expected to commence on January 3, 2018. The m/v Leto is currently chartered, as previously announced, at a gross charter rate of US$7,750 per day, minus a 5% commission paid to third parties.

The “Leto” is a 81,297 dwt Panamax dry bulk vessel built in 2010.

The employment extension of “Leto” is anticipated to generate approximately US$6.0 million of gross revenue for the minimum scheduled period of the time charter.

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