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Diana Shipping Inc. Announces Time Charter Contract for m/v Clio with Phaethon

ATHENS, GREECE, June 22, 2017 – 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 entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Clio. The gross charter rate is US$8,550 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen (13) months to maximum sixteen (16) months. The charter is expected to commence on July 3, 2017.

The “Clio” is a 73,691 dwt Panamax dry bulk vessel built in 2005.

This employment is anticipated to generate approximately US$3.33 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 51 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.9 million dwt with a weighted average age of 7.89 years.

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