Diana Shipping: Direct Continuation of Time Charter Contract for m/v Santa Barbara

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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 Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Santa Barbara.

The gross charter rate is US$29,500 per day, minus a 4.75% commission paid to third parties, for a period until minimum May 10, 2023 up to maximum July 10, 2023. The new charter period is expected to commence on March 15, 2022. The m/v Santa Barbara is currently chartered, as previously announced, at a gross charter rate of US$17,250 per day, minus a 4.75% commission paid to third parties.

The “Santa Barbara” is a 179,426 dwt Capesize dry bulk vessel built in 2015.

The employment of “Santa Barbara” is anticipated to generate approximately US$12.24 million of gross revenue for the minimum scheduled period of the new time charter (i.e. about 415 days).