Diana Fixes Bulker, Sells Additional Notes

zoom The NYSE-listed dry bulk shipping company Diana Shipping Inc. has, through a separate wholly-owned subsidiary, entered into a time charter contract with China Shipping Bulk Carrier Co., Ltd., Hong Kong, for one of its Panamax dry bulk vessels, the m/v Calipso. The gross charter rate is USD 6,000 per day for a period of minimum ten months to maximum fourteen months. The charter is expected to commence tomorrow. The Calipso is a 73,691 dwt Panamax dry bulk vessel built in 2005. This employment is anticipated to generate approximately USD 1.8 million of gross revenue for the minimum scheduled period of the time charter. The Calipsos previous employment was a two-year stint with Cargill International, with a gross charter rate of USD 8,100 per day. The company also announced that, in connection with its previously announced USD 55 million public offering of 8.500% senior unsecured notes due 2020, it has sold to the underwriters an additional USD 8.25 million in aggregate principal amount of the notes on the same terms and conditions, pursuant to the exercise of their over-allotment option. As previously announced, Diana plans to use the net proceeds of the offering for general corporate purposes and working capital, which may include the acquisition of additional new or secondhand vessels or the construction of newbuildings.