Diana Secures First Gig for Its Newbuild

Diana Shipping Inc. has signed a time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Capesize dry bulk vessels, “Hull No. BC18.0-50” (to be named “G. P. Zafirakis”).

The gross charter rate is $25,250 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen months to maximum twenty-two months.

The charter is expected to commence upon delivery of the vessel to the company.

The m/v G. P. Zafirakis is a 2014 built Capesize dry bulk vessel of approximately 180,000 dwt that the company entered into an agreement to purchase in June 2014. The vessel is now expected to be delivered by early August 2014.

This employment is anticipated to generate approximately $13.6m of gross revenue for the minimum scheduled period of the time charter.

[mappress]

Press Release; July 7th, 2014