Greece: Diana Shipping Enters Charter Contract with STX Panocean

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that it has entered into a time charter contract with STX Panocean Co., Ltd., Seoul, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v “Mining Star” (to be renamed “Melia”).

The charter contract has been signed at a gross charter rate of US$10,900 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence upon delivery of the vessel to the Company.

As previously announced on March 30, 2012, the above mentioned vessel is a 2005 built Panamax dry bulk carrier of 76,225 dwt that the Company entered into an agreement to purchase in March 2012. The vessel is expected to be delivered to the Company by the sellers in mid-April 2012.

This employment is anticipated to generate approximately US$3.6 million of gross revenue for the minimum scheduled period of the charter.

Excluding the aforementioned vessel Diana Shipping’s fleet currently consists of 26 dry bulk carriers (16 Panamax vessels, 8 Capesize vessels, 1 Post-Panamax vessel and 1 Newcastlemax vessel), as well as 1 new building Newcastlemax vessel expected to be delivered to the Company during the second quarter of 2012 and 2 new building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of company’s current fleet, excluding the four vessels not yet delivered, is 2.9 million dwt with a weighted average age of 6 years.

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Source: Diana Shipping, April 6, 2012