Diana Shipping Announces Time Charter Contracts

Diana_Shipping_SantaBarbara

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Santa Barbara. The gross charter rate is US$12,000 per day, minus a 4.75% commission paid to third parties, for a period of about twelve (12) months to maximum fifteen (15) months. The charter is expected to commence on January 24, 2017.

The “Santa Barbara” is a 179,426 dwt Capesize dry bulk vessel built in 2015.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its Capesize dry bulk vessels, the m/v Salt Lake City. The gross charter rate is US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum sixteen (16) months. The charter is expected to commence on January 20, 2017.

The “Salt Lake City” is a 171,810 dwt Capesize dry bulk vessel built in 2005.

The employments of “Santa Barbara” and “Salt Lake City” are anticipated to generate approximately US$7.38 million of gross revenue for the minimum scheduled period of the time charters.

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