Diana Shipping Extends Time Charter

Diana Shipping Inc. has, through a separate wholly-owned subsidiary, agreed to extend the present time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the 73,593 dwt m/v Arethusa built in 2007.

The gross charter rate is $7,100 per day, minus a 5% commission paid to third parties, for a period of minimum 11 months to maximum 14 months. The new charter period is expected to commence on March 5, 2015.

This employment extension is anticipated to generate approximately $2.34 million of gross revenue for the minimum scheduled period of the time charter.