Diana Shipping Inc. Announces Time Charter Contracts for m/v Semirio and m/v Sideris GS with Rio Tinto

Athens, Greece - February 19, 2015

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, on February 17, 2015, through a separate wholly-owned subsidiary, it entered into a time charter contract with Rio Tinto Shipping (Asia) Pte. Ltd., for one of its Capesize dry bulk vessels, the m/v Semirio. The gross charter rate is US$10,000 per day minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum sixteen (16) months. The charter is expected to commence on February 20, 2015.

The “Semirio” is a 174,261 dwt Capesize dry bulk vessel built in 2007.

The Company also announced that on the same day, through a separate wholly-owned subsidiary, it entered into a time charter contract with Rio Tinto Shipping (Asia) Pte. Ltd., for one of its Capesize dry bulk vessels, the m/v Sideris GS. The gross charter rate is US$10,000 per day minus a 5% commission paid to third parties, for a period of minimum ten (10) months to maximum fourteen (14) months. The charter is expected to commence on February 23, 2015.

The “Sideris GS” is a 174,186 dwt Capesize dry bulk vessel built in 2006.

In total the employments of “Semirio” and “Sideris GS” are anticipated to generate approximately US$6.6 million of gross revenue for the minimum scheduled period of the time charters.


The 2006-built 174,186 dwt capesize dry bulk carrier m/v Sideris GS


The 2007-built 174,261 dwt capesize dry bulk carrier m/v Semirio

Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of 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 three vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 6.9 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