Diana Shipping Announces Time Charter Contract for m/v Philadelphia

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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 entered into a time charter contract with Classic Maritime Inc., for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia.

The gross charter rate is US$28,500 per day, minus a 5% commission paid to third parties, for a period until minimum March 1, 2022 up to maximum May 1, 2022. The charter commenced earlier today. The m/v Philadelphia was chartered, as previously announced, to BHP Billiton Freight Singapore Pte. Ltd., at a gross charter rate of US$14,500 per day, minus a 5% commission paid to third parties.

The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

The employment of “Philadelphia” is anticipated to generate approximately US$8.81 million of gross revenue for the minimum scheduled period of the time charter.

Commenting on this charter, the Company’s Chief Executive Officer, Ms. Semiramis Paliou, stated:

“We are pleased to announce the specific time charter fixture, which is in line with our chartering strategy over the years. We find it especially noteworthy that the m/v Philadelphia has been fixed at the highest rate since the vessel was delivered to us in 2012, a reflection of the robust current dry bulk market.”

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