Diana Shipping Announces Time Charter Contracts for m/v P. S. Palios With Olam and m/v Maia With Viterra

Diana

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 Olam International Limited, Singapore, for one of its Capesize dry bulk vessels, the m/v P. S. Palios.

The gross charter rate is US$26,500 per day, minus a 4.75% commission paid to third parties, for a time charter period until minimum February 15, 2022 up to maximum April 15, 2022. The charter is expected to commence on June 6, 2021. The m/v P. S. Palios is currently chartered, as previously announced, to C Transport Maritime Ltd., Bermuda, at a gross charter rate of US$12,050 per day, minus a 5% commission paid to third parties.

The “P. S. Palios” is a 179,134 dwt Capesize 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 Viterra Chartering B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Maia. The gross charter rate is US$25,000 per day, minus a 5% commission paid to third parties, for a period until minimum May 1, 2022 up to June 30, 2022. The charter is expected to commence on June 10, 2021. The m/v Maia is currently chartered, as previously announced, to Aquavita International S.A., at a gross charter rate of US$11,200 per day, minus a 5% commission paid to third parties.

The “Maia” is a 82,193 dwt Kamsarmax dry bulk vessel built in 2009.

The employments of “P. S. Palios” and “Maia” are anticipated to generate approximately US$14.62 million of gross revenue for the minimum scheduled period of the time charters.

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Naias, Diana Shipping Inc.’s fleet will consist of 36 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 10 Panamax).

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