DIANA Shipping Inc., announces the acquisition of a Panamax dry bulk carrier

News, Sales and Purchases — By on April 2, 2012 at 4:57 PM

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, last Friday announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase from an unaffiliated third party the m/v “Mining Star”, a 2005 built Panamax dry bulk carrier of 76, 225 dwt, for a price of US$20.65 million.

The vessel, to be renamed “Melia”, is expected to be delivered to the Company by the sellers in mid-April 2012. Excluding the aforementioned vessel the company’s fleet currently consists of 26 dry bulk carriers (16 Panamax vessels, 8 Capesize vessels, 1 Post-Panamax vessel and 1 Newcastlemax vessel), as well as 1 new building Newcastlemax vessel expected to be delivered to the Company during the second quarter of 2012 and 2 new building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of its current fleet, excluding the four vessels not yet delivered, is 2.9 million dwt with a weighted average age of 6 years.

A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com.

About Diana Shipping Inc.

Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

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