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Diana Shipping Inc. Announces Time Charter Contracts For M/V Norfolk With Clearlake, M/V Alcyon With EDF And M/V Melite With Cargill

ATHENS, Greece, Dec. 17, 2012 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that it has entered into time charter contracts for three of its vessels.

The Company has entered into a time charter contract with Clearlake Shipping Pte. Ltd., Singapore, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v Norfolk. The gross charter rate is US$10,700 per day, minus a 4.5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-four (24) months. The charter is expected to commence at the beginning of January 2013.

Additionally, the Company has entered into a time charter contract with EDF Trading Limited, UK, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v Alcyon, at a gross charter rate of US$7,750 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-three (23) to maximum twenty-nine (29) months. The charter is expected to commence at the end of December 2012.

The Company also has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for another of its Panamax dry bulk carriers, the m/v Melite, at a gross charter rate of US$7,750 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) to maximum twenty-four (24) months. The charter is expected to commence at the beginning of January 2013.

These three employments are anticipated to generate a total of approximately US$15.3 million of gross revenue for the minimum scheduled period of the charters.

The Norfolk is a 164,218 dwt Capesize dry bulk vessel built in 2002, the Alcyon is a 75,247 dwt Panamax dry bulk carrier built in 2001 and the Melite is a 76,436 dwt Panamax dry bulk vessel built in 2004.

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