DSX: Time Charter Contracts for m/v New Orleans & m/v Melite

Diana-Shipping

Diana Shipping 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 Capesize dry bulk vessels, the m/v New Orleans.

The gross charter rate is US$11,250 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum sixteen (16) months. The charter is expected to commence on December 10, 2016.

The “New Orleans” is a 180,960 dwt Capesize dry bulk vessel built in 2015.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its Panamax dry bulk vessels, the m/v Melite. The gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of minimum seven (7) months to maximum ten (10) months. The charter is expected to commence on December 6, 2016.

The “Melite” is a 76,436 dwt Panamax dry bulk vessel built in 2004.

The employments of “New Orleans” and “Melite” are anticipated to generate approximately US$5.73 million of gross revenue for the minimum scheduled period of the time charters.

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