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Diana Shipping Inc. Announces Time Charter Contract For M/v Artemis With Rio Tinto

ATHENS, Greece, Aug. 1, 2013 (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 a time charter contract with Rio Tinto Shipping Pty Ltd., Melbourne, Australia, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk vessels, the m/v "Shoyo" (to be renamed "Artemis"). The gross charter rate is US$9,375 per day, minus a 3.75% commission paid to third parties, for a period of minimum twenty-two (22) months to maximum twenty-six (26) months. The charter is expected to commence upon delivery of the vessel to the Company.

As previously announced on May 28, 2013, the above mentioned vessel is a 2006 built Panamax dry bulk vessel of 76,942 dwt that the Company entered into an agreement to purchase in May 2013. The vessel is now expected to be delivered to the Company by the sellers at the beginning of September, 2013.

This employment is anticipated to generate approximately US$6.2 million of gross revenue for the minimum scheduled period of the charter.

Diana Shipping Inc.'s fleet currently consists of 33 dry bulk vessels (2 Newcastlemax, 9 Capesize, 3 Post-Panamax, 2 Kamsarmax and 17 Panamax). In addition to the aforementioned vessel, the Company also expects to take delivery of 2 new-building Ice Class Panamax dry bulk vessels during the fourth quarter of 2013 and the first quarter of 2014, and 2 new-building Newcastlemax dry bulk vessels during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the five vessels not yet delivered, is approximately 3.7 million dwt with a weighted average age of 6.5 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 leading global provider of shipping transportation services through the ownership and operation 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.

Stock quotes in this article: DSX 

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