DIANA SHIPPING INC. Announces time charter contract for m/v SIDERIS GS with CARGILL

Chartering, Ocean Shipping, Stock Markets — By on March 5, 2013 at 2:44 PM

sideris GS FUNNELATHENS, GREECE, March 5, 2013 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary,  for one of its Capesize dry bulk carriers, the m/v Sideris GS. The gross charter rate is US$13, 500 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-one (21) months to maximum twenty-seven (27) months. The charter is expected to commence in the middle of March 2013.

The Sideris GS is a 174, 186 dwt Capesize dry bulk vessel built in 2006.

The "Sideris GS"

The “Sideris GS”

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

Diana Shipping Inc.’s fleet currently consists of 32 dry bulk carriers (17 Panamax, 2 Kamsarmax, 3 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 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 our current fleet, excluding the two vessels not yet delivered, is approximately 3.5 million dwt with a weighted average age of 6.0 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

About the Company

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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