Diana Shipping Inc. a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v Calipso. The gross charter rate is US$8,100 per day, minus a 4.75% commission paid to third parties, for a period of minimum twenty-one months to maximum twenty-five months.

The charter is expected to commence by the end of July 2013, immediately after the redelivery of the vessel from the previous charterers to the owners. The previous charterers (Louis Dreyfus Commodities Suisse S.A., Geneva) have the option to redeliver the vessel at the earliest on August 11, 2013. However, they have agreed to compensate the owners for an earlier redelivery of the vessel by paying the difference between the new rate and the previous rate for the period from the earlier redelivery date to August 11, 2013.

The Calipso is a 73,691 dwt Panamax dry bulk vessel built in 2005. This employment is anticipated to generate approximately US$5.1 million of gross revenue for the minimum scheduled period of the charter.