Diana Shipping Inc. Announces Time Charter Contract for m/v Protefs

ATHENS, Greece, Feb. 09, 2021 (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 Reachy International (HK) Co., Limited, for one of its Panamax dry bulk vessels, the m/v Protefs. The gross charter rate is US$10,650 per day, minus a 5% commission paid to third parties, for a period until minimum March 10, 2022 up to maximum May 20, 2022. The charter commenced yesterday. The m/v Protefs was chartered, as previously announced, to Phaethon International Company AG, at a gross charter rate of US$9,900 per day, minus a 5% commission paid to third parties.

The “Protefs” is a 73,630 dwt Panamax dry bulk vessel built in 2004.

The employment of “Protefs” is anticipated to generate approximately US$4.17 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Oceanis, Diana Shipping Inc.’s fleet will consist of 37 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 11 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Oceanis,  is approximately 4.8 million dwt with a weighted average age of 10.13 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.