Diana Shipping Inc. (NYSE: DSX), a shipping company specializing in the transportation of dry bulk cargoes, announced that it has entered into a time charter contract with Cargill International S.A., Geneva , for one of its Panamax dry bulk carriers, the m/v Erato, at a gross rate of US$15,000 per day for a minimum eleven (11) to a maximum fourteen (14) month period.
This employment is anticipated to generate approximately US$5 million of gross revenues for the minimum scheduled period of the charter. The charter is expected to commence during January 2009.
The m/v Erato is a 74,444 dwt Panamax dry bulk carrier built in 2004.