Diana Shipping Inc. Announces Time Charter Contract for m/v Clio with Cargill

Monday, Feb 13, 2012

Diana Shipping Inc. (NYSE: DSX), 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 Cargill International S.A., Geneva, through one of its wholly-owned vessel owning subsidiaries, for the Panamax dry bulk vessel Clio. The charter has a gross rate of US$10,750 per day, minus a 5% commission paid to third parties for a minimum eighteen (18) to a maximum twenty-four (24) month period and is expected to commence on or around February 20, 2012.

This employment is expected to generate approximately US$5.8 million of gross revenues for the minimum scheduled period of the charter.

Additionally, the previous charterers, Daelim Corporation, Seoul, have agreed to compensate the owners for the early redelivery of the Clio by paying US$17,000 gross per day, minus 5% commission paid to third parties, starting from the date of redelivery to owners, on or around February 20, 2012,  to the minimum agreed redelivery date, April 8, 2012.

The Clio is a 73,691 dwt Panamax dry bulk vessel built in 2005.

Source: Diana Shipping