Diana Shipping Acquires Ice Class Panamax Dry Bulker

Diana Shipping Inc., through a separate wholly-owned subsidiary, has taken delivery of the newly built m/v “Crystalia”, an Ice Class Panamax dry bulk vessel of 77,525 dwt.

As previously announced, the m/v “Crystalia” is time chartered to Glencore Grain B.V., Rotterdam, at a gross charter rate of US$15,800 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-one (21) months. The charter is expected to commence tomorrow.

This employment is anticipated to generate approximately US$8.5 million of gross revenue for the minimum scheduled period of the charter.

Including the newly delivered m/v “Crystalia”, Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax, 3 Kamsarmax and 19 Panamax). The company also expects to take delivery of 1 new-building Ice Class Panamax dry bulk vessel during the first quarter of 2014, 2 new-building Newcastlemax dry bulk vessels and one Kamsarmax dry bulk vessel during the second quarter of 2016.

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Press Release, February 21, 2014