Diana Shipping Inks Shipbuilding Contract for Kamsarmax Dry Bulk Vessel

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has signed, through a separate wholly owned subsidiary, a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Shanghai Sinopacific International Trade Co., Ltd., for the construction of a Kamsarmax dry bulk vessel of approximately 82,000 dwt for a contract price of US$28,824,900. The Company expects to take delivery of the vessel during the second quarter of 2016.

Excluding the aforementioned vessel, as well as 2 new-building Ice Class Panamax dry bulk vessels expected to be delivered to the Company during the first quarter of 2014 and 2 new-building Newcastlemax dry bulk vessels expected to be delivered to the Company during the second quarter of 2016, Diana Shipping Inc.’s fleet currently consists of 36 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax, 3 Kamsarmax and 18 Panamax). As of today, the combined carrying capacity of Diana Shipping’s fleet, excluding the five vessels not yet delivered, is approximately 4.1 million dwt with a weighted average age of 6.61 years.

Diana Shipping, January 9, 2014

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