DSX: Direct Continuation of Time Charter Agreement for m/v Sideris GS with Rio Tinto

mv Sideris_Diana

Diana Shipping announced that, through a separate wholly-owned subsidiary, it agreed to extend the present time charter contract with Rio Tinto Shipping (Asia) Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v Sideris GS, for a period of minimum thirteen (13) months to about eighteen (18) months.

The gross charter rate is US$6,500 per day minus a 5% commission paid to third parties. The new charter period is expected to commence on December 22, 2015.

The “Sideris GS” is a 174,186 dwt Capesize dry bulk vessel built in 2006.

The employment extension of “Sideris GS” is anticipated to generate approximately US$2.54 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 43 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016 as well as one new-building Newcastlemax dry bulk vessel during the fourth quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.0 million dwt with a weighted average age of 7.31 years.

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