Diana: Time Charter Contracts for m/v Astarte & m/v Erato

Diana-Shipping

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 Glencore Agriculture B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Astarte.

The gross charter rate is US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen (14) months to maximum seventeen (17) months. The charter is expected to commence on June 12, 2017.

The “Astarte” is a 81,513 dwt Kamsarmax dry bulk vessel built in 2013.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Erato. The gross charter rate is US$7,250 per day, minus a 5% commission paid to third parties, for a period of about five (5) months up to December 30, 2017. The charter commenced today.

The “Erato” is a 74,444 dwt Panamax dry bulk vessel built in 2004.

The employments of “Astarte” and “Erato” are anticipated to generate approximately US$4.76 million of gross revenue for the minimum scheduled period of the time charters.

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