Diana Shipping: Direct Continuation of Time Charter Contract for m/v Houston with SwissMarine

Palios

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Houston, for a period of about thirteen (13) months to maximum fifteen (15) months.

The gross charter rate is US$5,150 per day for the first fifteen (15) days of the charter period and US$10,000 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties. The new charter period is expected to commence tomorrow.

The “Houston” is a 177,729 dwt Capesize dry bulk vessel built in 2009.

The employment extension of “Houston” is anticipated to generate approximately US$3.68 million of gross revenue for the minimum scheduled period of the time charter.

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