Diana announces delivery of newly ice class panamax “Atalandi”, her fixture and “Melia’s” continuation charter with Rio Tinto

Chartering, Dry Bulkcarriers, Fixtures — By on May 12, 2014 at 5:09 PM

sideris GS FUNNELDIANA SHIPPING INC. announces delivery of the newly built Ice class panamax dry bulk carrier “Atalandi” and entry into time charter  agreement with Glencore.

Direct continuation of the time charter agreement for ” Melia” with Rio Tinto

ATHENS, GREECE, May 12, 2014 – 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 newly built m/v “Atalandi”, an Ice Class Panamax dry bulk vessel of 77, 529 dwt that was contracted in March 2012.

The Company also announced that, through the aforementioned subsidiary, it has entered into a time charter contract with Glencore Grain B.V., Rotterdam, for the newly delivered “Atalandi” at a gross charter rate of US$13, 500 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence tomorrow.

In addition, the Company also announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Rio Tinto Shipping Pty, Ltd., Melbourne, for one of its Panamax dry bulk vessels, the m/v “Melia”. The gross charter rate is US$12, 000 per day, minus a 3.75% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter commenced on May 10, 2014.

The “Melia” is a 76, 225 dwt Panamax dry bulk vessel built in 2005.

The employments of “Atalandi” and “Melia” are anticipated to generate a total of approximately US$8.4 million of gross revenue for the minimum scheduled period of the charters.

Including the newly delivered m/v “Atalandi”, Diana Shipping Inc.’s fleet currently consists of 38 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of 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 three vessels not yet delivered, is approximately 4.21 million dwt with a weighted average age of 6.70 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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