Diana Shipping Signs Time Charter Contract With C Transport Panamax

Diana Shipping Inc. (DSX) said that it has agreed to a time charter deal for a 2004-built Panamax drybulk carrier at a rate of US$80,300 per day. The deal with Monaco-based C Transport Panamax Ltd. is scheduled to begin in January, 2008 and has a term of 12 to 14 months.


The company said it expects the charter to generate minimum gross revenue of US$28.5 million under the 12-month scenario.


Diana Shipping Chairman and CEO, Simeon Palios, commented, "We believe the company is fortunately positioned to benefit from these market conditions by having five additional Panamax vessels in our current fleet that we anticipate to re-charter during the forthcoming 90 days."


DSX finished Friday's regular trading session at $42.12, up $2.21 or 5.54%. In the after-hours, the stock further gained 15 cents and traded at $42.27.

Source:Quote.com