Diana Shipping Inc. Announces Time Charter Contract for m/v Los Angeles With Engelhart CTP

ATHENS, Greece, June 11, 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 Engelhart CTP Freight (Switzerland) SA, for one of its Newcastlemax dry bulk vessels, the m/v Los Angeles. The gross charter rate is US$14,250 per day, minus a 5% commission paid to third parties, for a period until minimum October 1, 2021 up to maximum December 31, 2021. The charter commenced on June 6, 2020. The m/v Los Angeles was chartered, as previously announced, to SwissMarine Services S.A., Geneva, at a gross charter rate of US$13,250 per day, minus a 5% commission paid to third parties.

The “Los Angeles” is a 206,104 dwt Newcastlemax dry bulk vessel built in 2012.

This employment is anticipated to generate approximately US$6.77 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 9.73 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

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.