Greece: Diana Shipping Announces Time Charter Contracts for Two Newcastlemax Bulk Carriers

Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, today announced that it has entered into two time charter contracts with EDF Trading Limited, London, for its two Newcastlemax dry bulk carriers, the m/v Los Angeles and the m/v Philadelphia, which are currently under construction.

Both charters will be at a gross rate of US$18,000 per day, minus a 5% commission paid to third parties, for a minimum forty-six (46) to a maximum fifty (50) month period for the Los Angeles and a minimum forty-four (44) to a maximum fifty (50) month period for the Philadelphia.

As previously announced, the above mentioned vessels are Newcastlemax dry bulk carriers of approximately 206,000 dwt each that were contracted in April 2010. The charters are expected to commence upon delivery of the Los Angeles and the Philadelphia to the Company from the shipbuilding yard, which is expected to occur in February 2012 and in April 2012, respectively.

The time charter contracts of the two vessels are expected to generate approximately US$48.6 million of gross revenues for the minimum scheduled period of the charters.

Separately, the Company also announced today that it has completed the drawdown of US$15 million from a loan facility with Emporiki Bank of Greece S.A. through a wholly owned subsidiary. The purpose of this facility is to partly finance the acquisition cost of the m/v Arethusa which was delivered to the Company on July 7, 2011.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services. The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Source: Diana Shipping, September 22, 2011.

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