Diana Shipping Inc. Announces an Addendum to the Time Charter Contract for m/v Sideris GS with Rio Tinto

By Vessels

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership of dry bulk vessels, yesterday announced that, through a separate wholly-owned subsidiary, it has agreed to extend and increase the time charter rate of the present time charter contract with Rio Tinto Shipping (Asia) Pte., Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v Sideris GS, for a period of minimum thirteen (13) months to maximum seventeen (17) months.

Diana Shipping Inc. Announces an Addendum to the Time Charter Contract for m/v Sideris GS with Rio Tinto
Caption: Bulk carrier Sideris GS - Image courtesy of Diana Shipping

The new gross charter rate is US$13,000 per day, minus a 5% commission paid to third parties. The new charter period is expected to commence on June 20, 2017. The m/v Sideris GS is currently chartered, as previously announced, at a gross charter rate of US$6,500 per day, minus a 5% commission paid to third parties.

The Sideris GS is a 174,186 dwt Capesize dry bulk vessel built in 2006.

The employment extension of Sideris GS is anticipated to generate approximately US$5.07 million of gross revenue for the minimum scheduled period of the time charter.

SIDERIS GS - IMO 9406881
Caption: Bulk carrier Sideris GS - Image courtesy of Diana Shipping

Diana Shipping Inc.’s fleet currently consists of 51 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.9 million dwt with a weighted average age of 7.85 years.

Source: Diana Shipping