Diana Shipping Agrees Higher Rate for Panamax

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Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia.

The gross charter rate is US$11,100 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to about fifteen (15) months. The charter is expected to commence later today. The m/v Crystalia is currently chartered, as previously announced, to SwissMarine Services S.A., Geneva, at a gross charter rate of US$6,250 per day, minus a 5% commission paid to third parties.

The “Crystalia” is a 77,525 dwt Ice Class Panamax dry bulk vessel built in 2014.

This employment is anticipated to generate approximately US$4.0 million of gross revenue for the minimum scheduled period of the time charter.

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