Diana Shipping Inc. Announces the Signing of Shipbuilding Contracts for Two 81,200 Dwt Methanol Dual Fuel New-Building Kamsarmax Dry Bulk Vessels

ATHENS, Greece, Feb. 14, 2024 (GLOBE NEWSWIRE) -- 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 it has signed shipbuilding contracts for two 81,200 dwt methanol dual fuel new-building Kamsarmax dry bulk vessels, for a purchase price of US$46 million each. As previously announced in September 2023, the Company placed the order through an unaffiliated third-party nominee of Marubeni Corporation, for the two vessels to be built at Tsuneishi Group (Zhoushan) Shipbuilding Inc., China. The vessels are expected to be delivered to the Company by the second half of 2027 and the first half of 2028, respectively.

The new-building Kamsarmax dry bulk vessels are designed to meet the requirements for energy efficiency levels and associated Greenhouse Gas (GHG) emissions, as set forth in the Energy Efficiency Design Index (EEDI) Phase 3, as well as to comply with the NOx emissions regulations (NOx-Tier III) of the International Maritime Organization (IMO).

The vessels are capable of operating on either methanol or fuel oil interchangeably. When powered by green methanol, the vessels are designed to produce near-zero GHG emissions based on the well-to-wake (WTW) fuel life cycle assessment (LCA) methodology.

Excluding the aforementioned vessels, and upon completion of the previously announced sale of m/v Artemis, Diana Shipping Inc.’s fleet will consist of 39 dry bulk vessels: 4 Newcastlemax, 9 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax and 9 Ultramax. As of today, the combined carrying capacity of the Company’s fleet including the m/v Artemis, is approximately 4.5 million dwt with a weighted average age of 10.65 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.