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Diana Shipping Inc. Announces Delivery Of The Panamax Dry Bulk Carrier M/v Artemis And Commencement Of Time Charter Contract With Rio Tinto

ATHENS, Greece, Aug. 26, 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 the Company, through a separate wholly-owned subsidiary, took delivery of the m/v "Artemis" (formerly "Shoyo"), a 2006 built Panamax dry bulk carrier of 76,942 dwt that the Company entered into an agreement to purchase in May 2013. As previously announced, the m/v "Artemis" is time chartered to Rio Tinto Shipping Pty Ltd., Melbourne, Australia, at a gross charter rate of 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 commenced today.

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

Including the newly delivered "Artemis", Diana Shipping Inc.'s fleet currently consists of 34 dry bulk vessels (2 Newcastlemax, 9 Capesize, 3 Post-Panamax, 2 Kamsarmax and 18 Panamax). 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 four vessels not yet delivered, is approximately 3.8 million dwt with a weighted average age of 6.6 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.

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