Home Associations Diana takes delivery of Kamsarmax “Medusa” and charters same on period with Clearlake

Diana takes delivery of Kamsarmax “Medusa” and charters same on period with Clearlake

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sideris GS FUNNELATHENS, GREECE, June 2, 2015 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that yesterday, through a separate wholly-owned subsidiary, it took delivery of the m/v Medusa (formerly “Torm Island”), a 2010 built Kamsarmax dry bulk vessel of 82, 194 dwt that the Company entered into an agreement to purchase in April 2015.

The Company also announced that, through the same wholly-owned subsidiary, it entered into a time charter contract with Clearlake Shipping Pte. Ltd., Singapore, a member of the Gunvor Group, for the “Medusa”. The gross charter rate is US$7, 450 per day, minus a 4.75% commission paid to third parties, for a period of minimum ten (10) months to maximum fourteen (14) months. The charter commenced today.

This employment is anticipated to generate approximately US$2.2 million of gross revenue for the minimum scheduled period of the charter.

Including the newly delivered m/v Medusa, 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 during August 2015, and two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 7.15 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 of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-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.

 

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