Diana: Delivery of m/v Leonidas P. C. & Time Charter Contract for m/v Seattle

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Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Leonidas P. C. (formerly “Magnolia”), a 2011 built Kamsarmax dry bulk vessel of 82,165 dwt that the Company entered into an agreement to purchase in July 2021.

As previously announced, the m/v Leonidas P. C. is time chartered to Cargill International S.A., Geneva, at a gross charter rate of US$24,500 per day, minus a 4.75% commission paid to third parties, for a period until minimum March 1, 2023 up to maximum April 30, 2023. The charter is expected to commence on February 18, 2022.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Solebay Shipping Cape Company Limited, Hong Kong, for one of its Capesize dry bulk vessels, the m/v Seattle. The gross charter rate is US$26,500 per day, minus a 5% commission paid to third parties, for a period until minimum October 1, 2023 up to maximum December 15, 2023. The charter is expected to commence on February 23, 2022. The m/v Seattle is currently chartered, as previously announced, to Pacbulk Shipping Pte. Ltd., Singapore, at a gross charter rate of US$12,300 per day, minus a 5% commission paid to third parties.

The “Seattle” is a 179,362 dwt Capesize dry bulk vessel built in 2011.

The employments of “Leonidas P. C.” and “Seattle” are anticipated to generate approximately US$24.41 million of gross revenue for the minimum scheduled period of the time charters.