Diana Shipping Announces Time Charter Contract for m/v Naias with Phaethon

Diana Shipping

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 Naias.

The gross charter rate is US$10,000 per day, minus a 5% commission paid to third parties, for a period of about fifteen (15) months to maximum eighteen (18) months. The charter is expected to commence on November 24, 2017. The m/v Naias was chartered, as previously announced, to Glencore Agriculture B.V., Rotterdam, at a gross charter rate of US$7,500 per day, minus a 5% commission paid to third parties.

The “Naias” is a 73,546 dwt Panamax dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$4.35 million of gross revenue for the minimum scheduled period of the time charter.

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