Diana Shipping Adds New Ice Class Panamax Vessel to Its Fleet

Diana Shipping Inc. has taken delivery of the newly built m/v “Crystalia”, an Ice Class Panamax dry bulk vessel of 77,525 dwt that was contracted in March 2012.

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. As of today, the combined carrying capacity of our fleet, excluding the four vessels not yet delivered, is approximately 4.13 million dwt with a weighted average age of 6.6 years.

Diana Shipping, February 21, 2014