DIANA SHIPPING INC. ANNOUNCES TIME CHARTER CONTRACT FOR M/V ALCMENE WITH CARGILL

ATHENS, Greece, April 02, 2020 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Post-Panamax dry bulk vessels, the m/v Alcmene, for a period of about thirteen (13) months to maximum fifteen (15) months. The gross charter rate is US$4,000 per day for the first sixty (60) days of the charter period and US$8,500 per day for the balance period of the time charter, in each case minus a 4.75% commission paid to third parties. The charter commenced earlier today.

The “Alcmene” is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010.

This employment is anticipated to generate approximately US$2.92 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 41 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.1 million dwt with a weighted average age of 9.54 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 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.

Cautionary Statement Regarding Forward-Looking Statements

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