Diana Shipping: Time Charter Contract for m/v Coronis; Cancellation of m/v Norfolk Sale

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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 Koch Shipping Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Coronis.

The gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of about nine months to about ten months. The charter commenced earlier today. The m/v Coronis was previously chartered to Tongli Shipping Pte. Ltd., at a gross charter rate of US$5,300 per day, minus a 5% commission paid to third parties.

The “Coronis” is a 74,381 dwt Panamax dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$2.04 million of gross revenue for the minimum scheduled period of the time charter.

The Company also announced that it has received a notice of cancellation of the Memorandum of Agreement, between a separate wholly-owned subsidiary and an unaffiliated third party, to sell the 2002-built Capesize vessel “Norfolk”, as previously announced.

The buyers elected to exercise their right to cancel the Contract as a result of vessel’s missing the cancelling date stipulated therein, due to unforeseen events, unrelated to the condition of the vessel, and have requested the refund of the deposit of the purchase price. The Company has taken steps to release the deposit to the buyers.

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