Diana Shipping Inc. announces direct continuation of T/C Agreement for m/v Crystalia with Glencore

Chartering, Company Profiles, Dry Bulkcarriers, Fixtures, Markets, News — By on August 20, 2015 at 2:14 PM

sideris GS FUNNELATHENS, GREECE, August 20, 2015 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Glencore Grain B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia, for a period of minimum ten  (10) months to maximum thirteen (13) months. The gross charter rate is US$9, 000 per day, minus a 5% commission paid to third parties. The new charter period is expected to commence on August 27, 2015.

The “Crystalia” is a 77, 525 dwt Ice Class Panamax dry bulk vessel built in 2014.

This employment extension is anticipated to generate approximately US$2.7 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 41 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Capesize dry bulk vessel during October 2015, one new-building Newcastlemax dry bulk vessel during the second quarter of 2016, as well as  one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 7.37 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.

About the Company

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.

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