K Noble Charters Capesize

Dry bulk shipping specialist Diana Shipping Inc. has through a separate wholly-owned subsidiary entered into a time charter contract with K Noble Hong Kong Ltd., for the 171,810 dwt Capesizee m/v Salt Lake City, for a period of minimum 21 months to maximum 24 months.

The daily gross charter rate will be 3.5% above the BCI average of the four pre-determined time charter routes as published by the Baltic Exchange minus a 5% commission paid to third parties. The initial charter payment will be made on delivery of the vessel to the charterers based on the average of the four pre-determined time charter routes for the 15 days preceding the vessel’s delivery date.

At the end of the time charter period, there will be a final settlement to reflect the average daily rate of the four pre-determined time charter routes for the actual duration of the charter. The charter is expected to commence during January 2015.

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