Capesize “P. S. Palios”.   Image by Diana Shipping Inc.

Diana Shipping Inc. Announces Time Charter Contract for m/v P. S. Palios with Classic Maritime

Athens, Greece - May 23, 2022

Diana Shipping Inc. (NYSE: DSX), (the "Company"), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Classic Maritime Inc., for one of its Capesize dry bulk vessels, the m/v P. S. Palios.

The gross charter rate is US$31,000 per day, minus a 5% commission paid to third parties, for a period until minimum April 15, 2024 up to maximum June 30, 2024.

The charter is expected to commence on June 11, 2022. The m/v P. S. Palios was chartered, as previously announced, to Olam International Limited, Singapore, at a gross charter rate of US$26,500 per day, minus a 4.75% commission paid to third parties.

The "P. S. Palios" is a 179,134 dwt Capesize dry bulk vessel built in 2013.

The employment of "P. S. Palios" is anticipated to generate approximately US$20.58 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.'s owned and bareboat chartered-in fleet currently consists of 35 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 6 Kamsarmax and 8 Panamax).

As of today, the combined carrying capacity of our fleet is approximately 4.5 million dwt with a weighted average age of 10.32 years.

A table describing the current Diana Shipping Inc. fleet can be found on the Company's website, 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 and bareboat charter-in of dry bulk vessels.

The Company's vessels are employed primarily on short to medium-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