Diana Shipping Delays Two Newcastlemax Newbuilds

Greek dry bulk shipping company Diana Shipping Inc. has entered into two addenda with China Shipbuilding Trading Company and Jiangnan Shipyard (Group) Co., Ltd. to extend the delivery dates of the two Newcastlemax dry bulk carriers by approximately five months.

The expected delivery dates are now in the third and fourth quarters of 2016. However, the company did not disclose the reasons behind the decision.

As a result, Diana Shipping expects to take delivery of one new-building Kamsarmax and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016 as well as one new-building Newcastlemax dry bulk vessel during the fourth quarter of 2016.

Diana has also entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the M/V Seattle.

The gross charter rate is USD 7,300 per day minus a 4.75% commission paid to third parties, for a period of about eleven months to maximum fourteen months. The charter is expected to commence on December 9, 2015.

The “Seattle” is a 179,362 dwt Capesize dry bulk vessel built in 2011.

This employment is anticipated to generate approximately US$2.3 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping’s fleet currently consists of 43 dry bulk vessels, totaling in the combined carrying capacity of approximately 5 million dwt with a weighted average age of 7.28 years.