Diana Shipping Inc. Announces Signing and Drawdown of a US$53.5 million Term Loan Facility with BNP Paribas; Announces Time Charter Contract for m/v Nirefs with Glencore

Athens, Greece - December 22, 2014

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that on December 19, 2014, it completed a drawdown of US$53.5 million, through two separate wholly-owned subsidiaries, under a term loan facility it signed with BNP Paribas. The proceeds will be used to partially finance the acquisition costs of two Capesize dry bulk vessels, the m/v P. S. Palios and the m/v G. P. Zafirakis, which were delivered to the Company on December 2, 2013 and August 20, 2014, respectively.

Additionally, the Company announced that through a separate wholly-owned subsidiary, it entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Nirefs. The gross charter rate is US$7,500 per day minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence on December 25, 2014.

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

This employment is anticipated to generate approximately US$2.47 million of gross revenue for the minimum scheduled period of the charter.


The 75,311 dwt 2001-built panamax dry bulk vessel "Nirefs"

Diana Shipping Inc.’s fleet currently consists of 39 dry bulk vessels (2 Newcastlemax, 11 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Capesize dry bulk vessel by mid-January 2015 as well as two new-building Newcastlemax dry bulk vessels and one new-building 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 4.4 million dwt with a weighted average age of 7.03 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