Diana Shipping Inc., takes delivery of caper “P.S.Palios “

Chartering, Fixtures, News, Ocean Shipping — By on December 2, 2013 at 6:28 PM

sideris GS FUNNELDIANA SHIPPING INC. ANNOUNCES DELIVERY OF THE CAPESIZE DRY BULK CARRIER M/V P. S. PALIOS

ATHENS, GREECE, December 2, 2013 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it took delivery of the m/v “P. S. Palios” (formerly “JK Pioneer”), a 2013 built Capesize dry bulk vessel of 179,134 dwt that the Company entered into an agreement to purchase in October 2013.

As previously announced, the m/v “P. S. Palios” is time chartered to RWE Supply & Trading GmbH, Essen, Germany, at a gross charter rate of US$18,350 per day, minus a 5% commission paid to third parties, for a period of about twenty-two (22) months to maximum December 31, 2015. The charter is expected to commence tomorrow.

This employment is anticipated to generate approximately US$11.8 million of gross revenue for the minimum scheduled period of the charter.

Including the newly delivered “P. S. Palios”, Diana Shipping Inc.’s fleet currently consists of 36 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax, 3 Kamsarmax and 18 Panamax). The Company also expects to take delivery of 2 new-building Ice Class Panamax dry bulk vessels during the first quarter of 2014, and 2 new-building Newcastlemax dry bulk vessels 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 4.1 million dwt with a weighted average age of 6.51 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 its ownership 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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