Under the terms of contract, the gross charter rate of the bulk carrier is $13,250per day, minus five percent commission paid to third parties, for a period of 11 months to about thirteen months.

The Panamax vessel is the previous former m/v Corona dry bulk carrier vessel that was built in 2007 with the dwt of 73,593. In May 2011, the company has signed an agreement to buy the vessel, and the vessel is expected to be delivered in early July 2011. The firm has renamed the vessel as Arethusa.

The Arethusa vessel is expected to generate the gross revenue of $4.2m for the minimum scheduled period of the charter.

The employment is expected to generate approximately $11m of gross revenue for the minimum scheduled period of the charter.

In April 2011, Diana Shipping has signed a time charter contract with Cargill International, Geneva, for one of its Capesize dry bulk carriers, the m/v Semirio, at a gross charter rate of $17,350 per day, minus a five percent commission paid to third parties, for a period of about 22 months to about 26 months.

Diana Shipping is a global provider of shipping transportation services. The company specialized in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Will the deal commercially benefit the firms?

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