Diana Shipping announces agreement for m/v Maia with RWE

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 agreed to extend the present time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Kamsarmax dry bulk vessels, the m/v Maia, for a period of minimum seventeen (17) months to maximum twenty (20) months.

The gross charter rate is US$7,500 per day, minus a 5% commission paid to third parties. The new charter period is expected to commence on November 11, 2015. The “Maia” is a 82,193 dwt Kamsarmax dry bulk vessel built in 2009.

This employment extension is anticipated to generate approximately US$3.8 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 (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax).

The Company also expects to take delivery of one new-building Capesize dry bulk vessel and one Capesize dry bulk vessel by mid-November 2015, one new-building Newcastlemax dry bulk vessel during the second quarter of 2016, as well as one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the five vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 7.58 years.