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Diana Shipping Inc. Announces Delivery of the Newcastlemax Dry Bulk Carrier m/v Los Angeles

Thursday, 09 February 2012 | 00:00
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that yesterday it took delivery of the newly-built m/v "Los Angeles", a Newcastlemax dry bulk carrier of 206,104 dwt that was contracted in April 2010. As previously announced, the m/v "Los Angeles" is chartered to EDF Trading Ltd., London, at a gross rate of US$18,000 per day, minus a 5% commission paid to third parties, for a minimum forty-six (46) to a maximum fifty (50) month period. The charter is expected to commence tomorrow.
This employment is anticipated to generate approximately US$24.8 million of gross revenue for the minimum scheduled period of the charter.
Separately, the Company also announced that on February 7, 2012, it completed the drawdown of US$16.125 million from a term loan facility with Nordea Bank Finland Plc, London Branch, through a wholly owned subsidiary. The purpose of this facility is to partially finance the acquisition cost of the m/v "Leto" which was delivered to the Company on January 16, 2012.
The Company also announced today that on February 6, 2012 it entered into a time charter contract with EDF Trading Ltd., London, for one of its Panamax dry bulk carriers, the m/v "Thetis", at a gross charter rate of US$10,500 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-eight (28) months. The charter is expected to commence in mid-February.
This employment is anticipated to generate approximately US$5.7 million of gross revenue for the minimum scheduled period of the charter.
Including the newly-delivered m/v "Los Angeles", Diana Shipping Inc.'s fleet currently consists of 26 dry bulk carriers (16 Panamax, 1 Post-Panamax, 8 Capesize and 1 Newcastlemax) with a weighted average age of 5.9 years. The Company also previously announced one additional Newcastlemax new-building dry bulk carrier that is expected to be delivered during the second quarter of 2012.
Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation 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.
Source: Diana Shipping Inc.
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