DIANA SHIPPING INC. ANNOUNCES TIME CHARTER CONTRACT FOR M/V DSI ANDROMEDA WITH CARGILL

20 Mar 2025 15:23 CET

ATHENS, GREECE, March 20, 2025 – 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 time charter contract with
Cargill Ocean Transportation (Singapore) Pte. Ltd., for one of its Ultramax dry
bulk vessels, the m/v DSI Andromeda. The gross charter rate is US$14,000 per
day, minus a 4.75% commission paid to third parties, for a period until minimum
November 15, 2025 up to maximum January 15, 2026. The charter is expected to
commence on March 29, 2025. The m/v DSI Andromeda is currently chartered, as
previously announced, to Bunge SA, Geneva, at a gross charter rate of US$13,500
per day, minus a 5.00% commission paid to third parties.

The “DSI Andromeda” is a 60,309 dwt Ultramax dry bulk vessel built in 2016.

The employment of “DSI Andromeda” is anticipated to generate approximately
US$3.18 million of gross revenue for the minimum scheduled period of the time
charter.

Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (4
Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 6 Panamax and 9
Ultramax). The Company also expects to take delivery of two methanol dual fuel
new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first
half of 2028, respectively. As of today, the combined carrying capacity of the
Company’s fleet, excluding the two vessels not yet delivered, is approximately
4.1 million dwt with a weighted average age of 11.39 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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