Diana Shipping Signs Time Charter Contracts for MV Baltimore with Cargill and Time Charter Contract for MV Arethusa with Noble

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 Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Baltimore, for a period of minimum thirteen (13) months to about sixteen (16) months. The gross charter rate is US$11,300 per day, minus a 4.75% commission paid to third parties. The new charter period is expected to commence on February 3, 2017.

The Baltimore is a 177,243 dwt Capesize dry bulk vessel built in 2005.

Diana Shipping Signs Time Charter Contracts for MV Baltimore with Cargill and Time Charter Contract for MV Arethusa with Noble

Bulk Carrier Baltimore - Image courtesy of: Krijn Hamelink

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Noble Resources International Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Arethusa. The gross charter rate is US$7,200 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to maximum fourteen (14) months. The charter commenced on January 23, 2017.

Bulk Carrier Arethusa - Image courtesy of Ed Cooke

The Arethusa is a 73,593 dwt Panamax dry bulk vessel built in 2007.

The employment extension of Baltimore as well as the employment of Arethusa are anticipated to generate approximately US$6.57 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). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.7 million dwt with a weighted average age of 7.65 years.

Source: Diana Shipping