Diana Finds Work for Panamax Bulker

Athens-based dry bulk shipping company Diana Shipping has entered into a time charter contract with Transgrain Shipping B.V., Rotterdam, for one of its Panamax dry bulk vessels, the MV Nirefs.

The gross charter rate is USD 4,600 per day, minus a 5% commission paid to third parties, for a period of minimum eleven to about fourteen months.

The 75,311 dwt MV Nirefs, built in 2001, is expected to start work today.

Diana said that this employment should generate approximately USD 1.5 million of gross revenue for the minimum scheduled period of the time charter.

The announcement comes only a week after Diana Shipping signed a term loan facility for up to USD 75.7 million with the Export-Import Bank of China.

The facility will partially finance, after delivery, the acquisition cost of two newbuilding Newcastlemaxes of approximately 208,500 dwt each and one 82,000 dwt newbuilding Kamsarmax dry bulk vessel, scheduled for delivery during the second half of 2016.

Diana Shipping currently owns a fleet of 43 dry bulk vessels with a combined carrying capacity, excluding the three vessels not yet delivered, of approximately 5 million dwt and a weighted average age of 7.38 years.

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