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Diana Shipping Inc. announces time charter contract for m/v Dione with Caravel

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Dry Bulk,

Diana Shipping Inc. (NYSE:DSX) (the ‘Company’), a global shipping company specialising 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 Caravel Shipping Limited, Hong Kong, for one of its panamax dry bulk vessels, the m/v Dione, for a period of minimum nine months to about 12 months. The gross charter rate is US$7200/day for the first ninety (90) days of the charter period and US$7050/day for the balance period of the time charter, in each case minus a 5% commission paid to third parties. The charter is expected to commence on 4 February, 2017.

The 'Dione' is a 75 172 DWT panamax dry bulk vessel built in 2001.

This employment is anticipated to generate approximately US$1.92 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.7 million DWT with a weighted average age of 7.68 years. A table describing the current Diana Shipping Inc. fleet can be found on the company’s website, Information contained on the company’s website does not constitute a part of this press release.

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