Diana Shipping Inc. Announces Time Charter Contract for m/v Philadelphia with BHP

Diana Shipping Inc., 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 BHP Billiton Freight Singapore Pte. Ltd., for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia. The gross charter rate is US$14,500 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen (14) months to maximum seventeen (17) months. The charter commenced on February 5, 2020.

The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

This employment is anticipated to generate approximately US$6.09 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sales of one Panamax dry bulk vessel, the m/v Calipso, and one Capesize dry bulk vessel, the m/v Norfolk, Diana Shipping Inc.’s fleet will consist of 40 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and 13 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Calipso and the m/v Norfolk, is approximately 5.2 million dwt with a weighted average age of 9.66 years.