Benzinga | Apr 28, 2021 09:17AM EDT

Diana Shipping Inc. Announces Time Charter Contract for M/V Electra

iana 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 Tongli Shipping Pte. Ltd., for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$21,000 per day, minus a 5% commission paid to third parties, for a time charter period until minimum February 10, 2022 up to maximum April 10, 2022. The charter is expected to commence today.



The "Electra" is an 87,150 dwt Post-Panamax dry bulk vessel built in 2013.

The employment of "Electra" is anticipated to generate approximately US$5.92 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Naias, Diana Shipping Inc.'s fleet will consist of 36 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 10 Panamax). As of today, the combined carrying capacity of the Company's fleet, including the m/v Naias, is approximately 4.7 million dwt with a weighted average age of 10.19 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.