Diana Shipping Orders Two Bulk Carriers from Chinese Shipyards

Diana Shipping Inc., shipping company, today announced that it has signed, two shipbuilding contracts with China Shipbuilding Trading Company, Limited and Jiangnan Shipyard (Group) Co., Ltd. for the construction of two Ice Class Panamax dry bulk carriers.

The vessels of approximately 76,000 dwt each were ordered for a contract price of US$29 million per vessel. The Company expects to take delivery of the vessels during the fourth quarter of 2013.

Excluding the two vessels described above and the previously announced Newcastlemax new-building dry bulk carrier that is expected to be delivered during the second quarter of 2012, Diana Shipping Inc.’s fleet currently consists of 26 dry bulk carriers (16 Panamax, 1 Post-Panamax, 8 Capesize and 1 Newcastlemax) with a weighted average age of 6 years.

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Source: Diana Shipping, March 29, 2012