Diana Shipping: Time Charter Contracts for m/v Newport News and m/v Los Angeles with SwissMarine

Diana Shipping

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Newcastlemax dry bulk vessels, the m/v Newport News.

The gross charter rate is US$16,500 per day, minus a 5% commission paid to third parties, for a period of minimum sixteen (16) months to maximum nineteen (19) months. The charter is expected to commence later today.

The “Newport News” is a 208,021 dwt Newcastlemax dry bulk vessel built in 2017.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Newcastlemax dry bulk vessels, the m/v Los Angeles. The gross charter rate is US$13,250 per day, minus a 5% commission paid to third parties, for a period of minimum fifteen (15) months to maximum eighteen (18) months. The charter is expected to commence on March 3, 2019.

The “Los Angeles” is a 206,104 dwt Newcastlemax dry bulk vessel built in 2012.

The employments of “Newport News” and “Los Angeles” are anticipated to generate approximately US$13.88 million of gross revenue for the minimum scheduled period of the time charters.

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