Diana Shipping: Direct Continuation of Time Charter Contract for m/v Medusa

Diana Shipping

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 Kamsarmax dry bulk vessels, the m/v Medusa.

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 months to maximum fifteen months. The new charter period commenced yesterday. The m/v Medusa was chartered, as previously announced, at a gross charter rate of US$10,000 per day, minus a 4.75% commission paid to third parties.

The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.

This employment is anticipated to generate approximately US$5.46 million of gross revenue for the minimum scheduled period of the time charter.

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