Diana Shipping: Time Charter Contracts for m/v Naias & m/v Artemis With Bunge

Diana Shipping

Diana Shipping announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Naias.

The gross charter rate is US$5,000 per day, minus a 5% commission paid to third parties, for a period of about five (5) months to about seven (7) months.

The “Naias” is a 73,546 dwt Panamax dry bulk vessel built in 2006.

The Company also announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Artemis. The gross charter rate is US$5,350 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to about thirteen (13) months. The charter is expected to commence on June 6, 2016.

The “Artemis” is a 76,942 dwt Panamax dry bulk vessel built in 2006.

The employments of “Naias” and “Artemis” are anticipated to generate approximately US$2.3 million of gross revenue for the minimum scheduled period of the time charters.

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