Diana Shipping Inc. Announces Delivery of the Newly Built Ice Class Panamax Dry Bulk Carrier m/v Crystalia

Athens, Greece - February 20, 2014

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 took delivery of the newly built m/v “Crystalia”, an Ice Class Panamax dry bulk vessel of 77,525 dwt that was contracted in March 2012.

As previously announced, the m/v “Crystalia” is time chartered to Glencore Grain B.V., Rotterdam, at a gross charter rate of US$15,800 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-one (21) months. The charter is expected to commence tomorrow.

This employment is anticipated to generate approximately US$8.5 million of gross revenue for the minimum scheduled period of the charter.

Including the newly delivered m/v “Crystalia”, Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax, 3 Kamsarmax and 19 Panamax). The Company also expects to take delivery of 1 new-building Ice Class Panamax dry bulk vessel during the first quarter of 2014, 2 new-building Newcastlemax dry bulk vessels and one Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the four vessels not yet delivered, is approximately 4.13 million dwt with a weighted average age of 6.6 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.

Diana Shipping Inc. press release