Home Greece Diana Shipping Inc. announces time charter contracts for m/v Electra with Oldendorff...

Diana Shipping Inc. announces time charter contracts for m/v Electra with Oldendorff and m/v Protefs with Phaethon


Diana Shipping Inc. (NYSE: DSX), (the “Company”), 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 Oldendorff Carriers GmbH & Co. KG, Lübeck, Germany, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$10,250 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum thirteen (13) months. The charter commenced earlier today.

The “Electra” is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Protefs. The gross charter rate is US$9,900 per day, minus a 5% commission paid to third parties, for a period until minimum January 1, 2021 up to maximum March 31, 2021. The charter is expected to commence on November 27, 2019.

The “Protefs” is a 73,630 dwt Panamax dry bulk vessel built in 2004.

The employments of “Electra” and “Protefs” are anticipated to generate approximately US$7.29 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax). As of today, the combined carrying capacity of our fleet is approximately 5.2 million dwt with a weighted average age of 9.41 years.. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership 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.

Previous articleRIGHTSHIP launches compliance “TEMPERATURE CHECK” ahead of 2020 Sulphur Cap
Next articleValero points a finger at Trafigura as source of bad marine fuel: court documents