Diana Shipping Inc. Announces Time Charter Contracts for m/v New York With Koch, m/v Norfolk With Trafigura and m/v Nirefs With Jaldhi

TIN news:  Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today 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 York. The gross charter rate is US$14,450 per day, minus a 5% commission paid to third parties, for a period of about six (6) months up to December 29, 2017. The charter commenced on April 23, 2017.

The “New York” is a 177,773 dwt Capesize dry bulk vessel built in 2010.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Trafigura Maritime Logistics Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v Norfolk. The gross charter rate is US$12,000 per day, minus a 5% commission paid to third parties, for a period of about six (6) months to maximum eight (8) months. The charter commenced on April 26, 2017.

The “Norfolk” is a 164,218 dwt Capesize dry bulk vessel built in 2002.

In addition, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Jaldhi Overseas Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Nirefs. The gross charter rate is US$9,400 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen (13) months to maximum sixteen (16) months. The charter is expected to commence on May 4, 2017.

The “Nirefs” is a 75,311 dwt Panamax dry bulk vessel built in 2001.

The employments of “New York”, “Norfolk” and “ Nirefs” are anticipated to generate approximately US$8.03 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects to take delivery of one Post-Panamax dry bulk vessel by the middle of May 2017, one Post-Panamax dry bulk vessel by the middle of June 2017 as well as one Kamsarmax dry bulk vessel by the middle of June 2017. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.7 million dwt with a weighted average age of 7.91 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.