Diana Shipping confirms Cargill time charter contracts

Palios

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present 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$20,250 per day, minus a 4.75% commission paid to third parties, for a period of about eighteen (18) months to about nineteen (19) months. The new charter period is expected to commence on April 24, 2018. The m/v Santa Barbara is currently chartered, as previously announced, at a gross charter rate of US$12,000 per day, minus a 4.75% commission paid to third parties.

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 Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Myrto. The gross charter rate is US$14,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum thirteen (13) months to maximum fifteen (15) months. The charter is expected to commence on April 24, 2018. The m/v Myrto is currently chartered, as previously announced, at a gross charter rate of US$8,000 per day, minus a 4.75% commission paid to third parties, for the agreed period of the time charter.

The “Myrto” is a 82,131 dwt Kamsarmax dry bulk vessel built in 2013.

The employment extension of “Santa Barbara” as well as the employment of “Myrto” are anticipated to generate approximately US$16.09 million of gross revenue for the minimum scheduled period of the time charters.

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