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Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Medusa with Cargill

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$14,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum thirteen (13) months to maximum fifteen (15) months. The new charter period commenced yesterday. The m/v Medusa was chartered, as previously announced, at a gross charter rate of US$10,000 per day, minus a 4.75% commission paid to third parties.

The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.

This employment is anticipated to generate approximately US$5.46 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 9.03 years.
Source: Diana Shipping Inc.

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