Diana Shipping Inc. Announces Time Charter Contract for m/v DSI Phoenix With Bulk Trading SA

ATHENS, Greece, April 25, 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 Bulk Trading SA, for one of its Ultramax dry bulk vessels, the m/v DSI Phoenix. The gross charter rate is US$16,500 per day, minus a 5% commission paid to third parties, for a period until minimum August 1, 2025 up to maximum September 30, 2025. The charter is expected to commence on May 8, 2024. The m/v DSI Phoenix is currently chartered, as previously announced, to ASL Bulk Marine Limited, at a gross charter rate of US$13,250 per day, minus a 5.00% commission paid to third parties.

The “DSI Phoenix” is a 60,456 dwt Ultramax dry bulk vessel built in 2017.

The employment of “DSI Phoenix” is anticipated to generate approximately US$7.33 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of m/v Houston, Diana Shipping Inc.’s fleet will consist of 38 dry bulk vessels: 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax and 9 Ultramax. The Company also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively. As of today, the combined carrying capacity of the Company’s fleet including the m/v Houston and excluding the two vessels not yet delivered, is approximately 4.4 million dwt with a weighted average age of 10.73 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 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.