M/V Protefs. Image by Diana Shipping.









Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Protefs and a New Time Charter Contract for m/v Nirefs with Hudson

Athens, Greece - August 13, 2018

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 agreed to extend the present time charter contract with Hudson Shipping Lines Incorporated for one of its Panamax dry bulk vessels, the m/v Protefs. The gross charter rate is US$11,000 per day, minus a 3.75% commission paid to third parties, for a period of about twelve (12) months to maximum fifteen (15) months. The new charter period will commence on September 19, 2018. The m/v Protefs is currently chartered, as previously announced, at a gross charter rate of US$7,900 per day, minus a 5% commission paid to third parties.

The “Protefs” is a 73,630 dwt Panamax dry bulk vessel built in 2004.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hudson Shipping Lines Incorporated for one of its Panamax dry bulk vessels, the m/v Nirefs. The gross charter rate is US$10,750 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 August 11, 2018. The m/v Nirefs was chartered, as previously announced, to Jaldhi Overseas Pte. Ltd., Singapore, at a gross charter rate of US$9,400 per day, minus a 5% commission paid to third parties.

The “Nirefs” is a 75,311 dwt Panamax dry bulk vessel built in 2001.

The employment extension of “Protefs” as well as the employment of “Nirefs” are anticipated to generate approximately US$7.34 million of gross revenue for the minimum scheduled periods of the time charters.

Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.97 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 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.

Diana Shipping Inc. press release