Diana Shipping Inc. Announces Time Charter Contract for m/v Philadelphia With NYK Line

ATHENS, Greece, Feb. 01, 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, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Nippon Yusen Kabushiki Kaisha, Tokyo, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia. The gross charter rate is US$22,500, minus a 5% commission paid to third parties, for a period until minimum April 20, 2025 up to maximum July 20, 2025. The charter is expected to commence on February 5, 2024.

The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

The employment of “Philadelphia” is anticipated to generate approximately US$9.79 million of gross revenue for the minimum scheduled period of the time charter.

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 10.62 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.

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.