Diana Shipping Inc. Announces Time Charter Contract for m/v P. S. Palios with Koch and Direct Continuation of Time Charter Contract for m/v Myrto with Cargill

Athens, Greece – January 13, 2017

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 entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore for one of its Capesize dry bulk vessels, the m/v P. S. Palios. The gross charter rate is US$10,550 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to about sixteen (16) months. The charter is expected to commence on January 21, 2017.

The “P. S. Palios” is a 179,134 dwt Capesize dry bulk vessel built in 2013.

Additionally, the Company announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Myrto, for a period of minimum twelve (12) months to maximum fifteen (15) months. The gross charter rate is US$8,000 per day, minus a 4.75% commission paid to third parties. The new charter period is expected to commence on January 16, 2017.

The “Myrto” is a 82,131 dwt Kamsarmax dry bulk vessel built in 2013.

The employment of “P. S. Palios” as well as the employment extension of “Myrto” are anticipated to generate approximately US$6.68 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.7 million dwt with a weighted average age of 7.62 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website

Diana Shipping Inc. press release


The 2013-built, 179,134 dwt capesize dry bulk carrier “P. S. Palios”


The 2013-built 82,131 dwt Kamsarmax dry bulk vessel “Myrto”