Diana Shipping Acquires Two Vessels

Tuesday, November 01, 2005
Diana Shipping Inc. announced that it has agreed to purchase two Panamax dry bulk carriers, the sister vessels M/V CMB Philippe and Hull H1307A. The M/V CMB Philippe of 74,500 dwt, built by Hudong Shipyard in August 2004, has a purchase price of $39.0 million and is expected to be delivered in November 2005. Hull No.H1307A of 74,500 dwt, currently under construction by Hudong Shipyard, has a purchase price of $42.0 million and is expected to be delivered in March 2006. The vessels will be chartered to Bocimar International nv, Antwerp, Belgium, for 11 to 13 months at $21,000 per day gross, commencing from their respective dates of delivery to Diana Shipping Inc. Upon completion of these purchases, as well as the previously announced acquisition of the Panamax dry bulk carrier M/V Bolina (to be renamed Thetis), the Company's fleet will consist of 12 Panamax dry bulk carriers and one Capesize dry bulk carrier. Based on these acquisitions and their delivery schedules, the Company's fixed employment coverage for 2006 will increase to 44% from 30%. The expected time charter equivalent rate of the vessels with fixed employment will average approximately $27,000 gross per day.

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