Diana’s latest cape-size newbuilding acquisition and other tonnage fixtures

Chartering, Company Profiles, Dry Bulkcarriers, Fixtures, Markets, News, Ocean Shipping, Reports, Stock Markets — By on January 12, 2015 at 8:55 PM

sideris GS FUNNELDIANA SHIPPING INC. ANNOUNCES DELIVERY OF THE NEWLY BUILT CAPESIZE DRY BULK CARRIER M/V SANTA BARBARA – TIME CHARTER CONTRACTS FOR M/V POLYMNIA WITH VROON AND M/V DANAE WITH GLENCORE

ATHENS, GREECE, January 12, 2015 – 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 has taken delivery of the m/v Santa Barbara (formerly Hull No. BC18.0-51), a 179, 426 dwt newly built Capesize dry bulk vessel that the Company entered into an agreement to purchase in December 2014.

The Company also announced that, through a separate wholly-owned subsidiary,  it has entered into a time charter contract with Vroon Dry Cargo Chartering B.V., Breskens, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia. The gross charter rate is US$7, 500 per day, plus US$237, 500 ballast bonus, minus a 5% commission paid to third parties, for a period of minimum nine (9) months to maximum thirteen (13) months. The charter is expected to commence on January 17, 2015.

The “Polymnia” is a 98, 704 dwt Post-Panamax dry bulk vessel built in 2012.

Additionally, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Danae. The gross charter rate is US$7, 650 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 is expected to commence on January 16, 2015.

The “Danae” is a 75, 106 dwt Panamax dry bulk vessel built in 2001.

The employments of “Polymnia” and “Danae” are anticipated to generate approximately US$4.79 million of gross revenue for the minimum scheduled period of the time charters, including the ballast bonus of “Polymnia”.

Including the newly delivered m/v Santa Barbara, Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of two new-building Newcastlemax dry bulk vessels and one new-building 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 4.6 million dwt with a weighted average age of 6.81 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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