Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for M/V Medusa With Cargill

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, yesterday announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period until minimum 10 January 2022 up to maximum 20 March 2022. The new charter period is expected to commence by mid-November 2020.

The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.

This employment is anticipated to generate approximately US$4.52 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 Coronis, and one Capesize dry bulk vessel, the m/v Sideris GS, Diana Shipping Inc.’s fleet will consist of 38 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 12 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Coronis and the m/v Sideris GS is approximately 5.0 million dwt with a weighted average age of 10.09 years.