DIANA SHIPPING INC. ANNOUNCES SALE AND LEASEBACK OF M/V DSI ANDROMEDA AND TIME CHARTER CONTRACT FOR M/V DSI PEGASUS WITH REACHY

07 Dec 2022 15:45 CET

ATHENS, GREECE, December 7, 2022 – Diana Shipping Inc. (NYSE: DSX), (the
“Company”), a global shipping company specializing in the ownership and bareboat
charter-in of dry bulk vessels, today announced that, through a separate
wholly-owned subsidiary, it has entered into a sale and leaseback agreement with
an unaffiliated Japanese third party for the 2016-built Ultramax dry bulk
vessel, m/v DSI Andromeda. Upon completion of the transaction, which is
estimated to take place by the end of the fourth quarter of 2022, the Company’s
gross proceeds will be US$29.85 million. As part of the agreement, the Company
will bareboat charter-in the vessel for a period of ten years plus 30 days at
the charterer’s option, and will have purchase options beginning at the end of
the third year of the bareboat charter period.

The Company also announced that, through a separate wholly-owned subsidiary, it
has entered into a time charter contract with Reachy Shipping (SGP) Pte. Ltd.,
for one of its Ultramax dry bulk vessels, the m/v DSI Pegasus. The gross charter
rate is US$14,000 per day, minus a 5% commission paid to third parties, for a
period until minimum July 15, 2024 up to maximum September 15, 2024. The charter
is expected to commence later today.

The “DSI Pegasus” is a 60,508 dwt Ultramax dry bulk vessel built in 2015.

The employment of “DSI Pegasus” is anticipated to generate approximately US$8.09
million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 41 dry bulk vessels (4
Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 7
Ultramax). The Company also expects to take delivery of 2 Ultramax dry bulk
vessels in the fourth quarter of 2022. As of today, the combined carrying
capacity of our fleet, excluding the 2 Ultramax dry bulk vessels not yet
delivered, is approximately 4.8 million dwt with a weighted average age of 10.18
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...

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