Diana Shipping Announces Time Charter Contracts

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Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Oldendorff Carriers GmbH & Co. KG, Lübeck, Germany, for one of its Post-Panamax dry bulk vessels, the m/v Electra.

The gross charter rate is US$10,250 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum thirteen (13) months. The charter commenced last week.

The “Electra” is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.

The Company also 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 Protefs. The gross charter rate is US$9,900 per day, minus a 5% commission paid to third parties, for a period until minimum January 1, 2021 up to maximum March 31, 2021. The charter is expected to commence on November 27, 2019.

The “Protefs” is a 73,630 dwt Panamax dry bulk vessel built in 2004.

The employments of “Electra” and “Protefs” are anticipated to generate approximately US$7.29 million of gross revenue for the minimum scheduled period of the time charters.

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