Diana Shipping Inc. Announces Time Charter Contract for m/v DSI Polaris with Cargill Ocean Transportation

26 Jun 2025 15:37 CEST

ATHENS, GREECE, June 26, 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 Polaris. The gross charter rate is US$12,250, minus a
4.75% commission paid to third parties, for a period until minimum July 21, 2026
up to maximum September 21, 2026. The charter is expected to commence on July 1,
2025.

The “DSI Polaris” is a 60,404 dwt Ultramax dry bulk vessel built in 2018.

The employment of “DSI Polaris” is anticipated to generate approximately US$4.66
million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of m/v Selina, Diana Shipping
Inc.’s fleet will consist of 36 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4
Post-Panamax, 6 Kamsarmax, 5 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, including the
m/v Selina and excluding the two vessels not yet delivered, is approximately 4.1
million dwt, with a weighted average age of 11.65 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 part of this press release...

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