mv dione panamax bulk carrier diana shipping

Diana Shipping Signs Two-Year Charter Contract for Panamax Bulk Carrier

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July 2, 2012

M/V Dione, image: Diana Shipping

ATHENS, GREECE – International dry bulk shipping company, Diana Shipping Inc. (NYSE: DSX), announced today that it has entered into a time charter contract with London-based EDF Trading Limited, through a separate wholly-owned subsidiary, for one of their Panamax dry bulk carriers, the M/V Dione.

Under the deal, EDF will charter the 2001-built 72,172 dwt Dione at a daily rate of $9,700 per day for no less than 24 months, and possibly up to 29 months, which is anticipated to generate approximately US$6.98 million in revenues for Diana Shipping.

Diana Shipping Inc.’s fleet currently consists of 28 dry bulk carriers – made up of 17 Panamax, 1 Post-Panamax, 8 Capesize and 2 Newcastlemax – as well as 2 new-building Ice Class dry bulk Panamax vessels with scheduled delivery in the fourth quarter of 2013. Excluding the two vessels under construction, Diana Shipping’s fleet has a total capacity of approximately 3.2 million dwt with a weighted average age of 5.9 years.

Diana Shipping says the deal with EDF is expected to commence in mid-July.

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