Benzinga | Oct 1, 2021 03:26PM EDT

Diana Shipping Enters Time Charter Contract For M/V Baltimore With Olam International

* Diana Shipping Inc (NYSE:DSX) has entered into a time charter contract with Olam International Limited, Singapore, for one of its Capesize dry bulk vessels, the m/v Baltimore.

* The gross charter rate is $56,000 per day, minus a 4.75% commission paid to third parties for a time charter trip duration of about ninety (90) days. The charter commenced retroactively as of September 28, 2021. The "Baltimore" is a 177,243 dwt Capesize dry bulk vessel built in 2005.

* This employment is expected to generate ~$5.04 million of gross revenue for the minimum scheduled time charter period.

* Currently, the combined carrying capacity of the Company's fleet, excluding the one vessel not yet delivered, is ~4.6 million dwt with a weighted average age of 10.54 years.

* Price Action: DSX shares are trading higher by 4.02% at $5.95 on the last check Friday.