Diana Shipping announces direct continuation of time charter contract for mv Leto with Glencore

By Vessels

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, Wednesday announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Leto.

Diana Shipping announces direct continuation of time charter contract for mv Leto with Glencore
Caption: Bulk carrier Leto - Image courtesy Marcel Coster

The gross charter rate is US$12,500 per day, minus a 5% commission paid to third parties, for a period of minimum sixteen (16) months to about nineteen (19) months. The new charter period is expected to commence on January 3, 2018. The m/v Leto is currently chartered, as previously announced, at a gross charter rate of US$7,750 per day, minus a 5% commission paid to third parties.

The “Leto” is a 81,297 dwt Panamax dry bulk vessel built in 2010.

The employment extension of “Leto” is anticipated to generate approximately US$6.0 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.35 years.

Source: Diana Shipping