Diana Shipping Inc. Announces Delivery of the Ultramax Dry Bulk Vessel m/v DSI Altair and her Entry Into Time Charter Contract with Western Bulk; A Time Charter Contract for m/v Ismene with ST Shipping

27 Dec 2022 17:17 CET

ATHENS, GREECE, December 27, 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 taken delivery of the m/v DSI Altair (formerly
“STH Sydney”), a 2016 built Ultramax dry bulk vessel of 60,309 dwt. The vessel
is one of nine modern Ultramax dry bulk vessels that the Company entered into an
agreement to purchase in August 2022.

The Company also announced that, through the same wholly-owned subsidiary, it
entered into a time charter contract with Western Bulk Pte. Ltd. at a gross
charter rate of US$14,400 per day, minus a 5% commission paid to third parties,
for a period until minimum June 25, 2023 up to maximum August 25, 2023. The
charter is expected to commence on December 29, 2022.

In addition, the Company announced that, through a separate wholly-owned
subsidiary, it has entered into a time charter contract with ST Shipping and
Transport Pte. Ltd., for one of its Panamax dry bulk vessels, the m/v Ismene.
The gross charter rate is US$14,000 per day, minus a 5% commission paid to third
parties, for a period until minimum August 20, 2023 to maximum October 10, 2023.
The charter is expected to commence on December 31, 2022.

The “Ismene” is a 77,901 dwt Panamax dry bulk vessel built in 2013.

The employments of “DSI Altair” and “Ismene” are anticipated to generate
approximately US$5.77 million of gross revenue for the minimum scheduled period
of the time charters.

Including the newly delivered m/v DSI Altair, Diana Shipping Inc.’s fleet
currently consists of 42 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5
Post-Panamax, 6 Kamsarmax, 8 Panamax and 8 Ultramax). The Company also expects
to take delivery of 1 Ultramax dry bulk vessel in the fourth quarter of 2022. As
of today, the combined carrying capacity of our fleet, excluding the 1 Ultramax
dry bulk vessel not yet delivered, is approximately 4.9 million dwt with a
weighted average age of 10.20 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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