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Time charter for Panamax

Time charter for Panamax
Diana Shipping Inc. has entered into a time charter contract with Louis Dreyfus Commodities Suisse S.A., for one of its Panamax dry bulk carriers.

Diana Shipping Inc. has entered into a time charter contract with Louis Dreyfus Commodities Suisse S.A., for one of its Panamax dry bulk carriers.

Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, yesterday announced that it has entered into a time charter contract with Louis Dreyfus Commodities Suisse S.A., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross charter rate of US$21,000 per day for a period of about twenty-three (23) to about twenty-five (25) months. The charter is expected to commence in the middle of February 2010. The Company also announced today that it has entered into a time charter contract with C Transport Panamax Ltd., Isle of Man, for one of its Panamax dry bulk carriers, the m/v Erato, at a gross charter rate of US$20,500 per day for a period of minimum twenty-one (21) to maximum twenty-four (24) months. The charter is expected to commence in the middle of March 2010.

These employments are anticipated to generate approximately US$27.5 million of gross revenue for the minimum scheduled period of the charters.

The m/v Nirefs is a 75,311 dwt Panamax dry bulk carrier built in 2001 and the m/v Erato is a 74,444 dwt Panamax dry bulk carrier built in 2004.

Diana Shipping Inc. is a global provider of shipping transportation services. The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

www.TurkishMaritime.com.tr

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