Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Danae.

The gross charter rate is US$8,100 per day, minus a 5% commission paid to third parties, for a period of minimum eleven months to maximum fourteen months.

The “Danae” is a 75,106 dwt Panamax dry bulk vessel built in 2001.

This employment is anticipated to generate approximately US$2.67 million of gross revenue for the minimum scheduled period of the time charter.