Diana Shipping Inc. Announces Time Charter Contracts for m/v Electra with Refined Success and m/v New York with C Transport

Athens, Greece - July 5, 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 Refined Success Limited, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$17,500 per day, minus a 5% commission paid to third parties, for a period until minimum April 1, 2023 up to maximum May 30, 2023. The charter commenced on July 2, 2022. The m/v Electra was chartered to Raffles Shipping International Pte. Ltd., at a gross charter rate of US$16,500 per day, minus a 5% commission paid to third parties.

The “Electra” is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with C Transport Maritime Ltd., Bermuda, for one of its Capesize dry bulk vessels, the m/v New York. The gross charter rate is US$23,000 per day, minus a 5% commission paid to third parties, for a period until minimum June 10, 2023 up to maximum August 25, 2023. The charter commenced on July 2, 2022. The m/v New York was chartered, as previously announced, to EGPN Bulk Carrier Co., Limited, Hong Kong, at a gross charter rate of US$14,000 per day, minus a 5% commission paid to third parties.

The “New York” is a 177,773 dwt Capesize dry bulk vessel built in 2010.

The employments of “Electra” and “New York” are anticipated to generate approximately US$12.48 million of gross revenue for the minimum scheduled period of the time charters.

Upon completion of the previously announced sale of one Capesize dry bulk vessel, the m/v Baltimore, Diana Shipping Inc.’s owned and bareboat chartered-in fleet will consist of 34 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax and 8 Panamax). As of today, the combined carrying capacity of our fleet, including the m/v Baltimore, is approximately 4.5 million dwt with a weighted average age of 10.43 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 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