Diana Shipping Inc. Announces Time Charter Contract for m/v Coronis with Koch and Cancellation of the Sale of a Capesize Dry Bulk Vessel, the m/v Norfolk

Athens, Greece - February 20, 2020

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 Panamax dry bulk vessels, the m/v Coronis. The gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of about nine (9) months to about ten (10) months. The charter commenced earlier today. The m/v Coronis was previously chartered to Tongli Shipping Pte. Ltd., at a gross charter rate of US$5,300 per day, minus a 5% commission paid to third parties.

The “Coronis” is a 74,381 dwt Panamax dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$2.04 million of gross revenue for the minimum scheduled period of the time charter.

The Company also announced that it has received a notice of cancellation of the Memorandum of Agreement (the “Contract”), between a separate wholly-owned subsidiary and an unaffiliated third party, to sell the 2002-built Capesize vessel “Norfolk”, as previously announced.

The buyers elected to exercise their right to cancel the Contract as a result of vessel’s missing the cancelling date stipulated therein, due to unforeseen events, unrelated to the condition of the vessel, and have requested the refund of the deposit of the purchase price. The Company has taken steps to release the deposit to the buyers.


M/V Norfolk. Image by Diana Shipping Inc.

Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.2 million dwt with a weighted average age of 9.68 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