The the 2001-built panamax "M/V Alcyon".
Image by Diana Shipping Inc.












Diana Shipping Inc. Announces the Sale of a Panamax Dry Bulk Vessel, the m/v Alcyon; Direct Continuation of Time Charter Contract for m/v Oceanis with Ausca and a New Time Charter Contract for m/v Clio with Ausca

Athens, Greece - November 12, 2018

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2001-built vessel “Alcyon”, with delivery to the buyer latest by January 7, 2019, for a sale price of US$7.45 million before commissions.

The Company also announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Oceanis. The gross charter rate is US$10,350 per day, minus a 5% commission paid to third parties, for a period until minimum January 1, 2020 up to maximum March 31, 2020. The new charter period is expected to commence on November 16, 2018. The m/v Oceanis is currently chartered, as previously announced, at a gross charter rate of US$7,000 per day, minus a 5% commission paid to third parties.

The “Oceanis” is a 75,211 dwt Panamax dry bulk vessel built in 2001.

Additionally, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Pamanax dry bulk vessels, the m/v Clio. The gross charter rate is US$10,600 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to maximum thirteen (13) months. The charter commenced on November 10, 2018. The m/v Clio was chartered, as previously announced, to Phaethon International Company AG, at a gross charter rate of US$8,550 per day, minus a 5% commission paid to third parties.

The “Clio” is a 73,691 dwt Panamax dry bulk vessel built in 2005.

The employment extension of “Oceanis” as well as the employment of “Clio” are anticipated to generate approximately US$7.37 million of gross revenue for the minimum scheduled period of the time charters.

Upon completion of the aforementioned sale and the previously announced sale of a Panamax dry bulk vessel, the m/v Triton, Diana Shipping Inc.’s fleet will consist of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 20 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Triton and m/v Alcyon, is approximately 5.8 million dwt with a weighted average age of 9.22 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