Diana Shipping Completes Sale of Capesize Vessel and Delivery

Thursday, July 05, 2007
Diana Shipping Inc. reported that it has completed today the previously announced sale of one of its Capesize dry bulk carriers, the Pantelis SP, with the delivery of the vessel to her new owners. On February 16, 2007 Diana Shipping announced a Memorandum of Agreement with an unaffiliated third party for the sale of the vessel, at a price before commissions of $81 million. The proceeds from the sale will immediately be used to repay debt drawn under the Company's revolving credit facility with the Royal Bank of Scotland.

The Pantelis SP is a 169,883 dwt Capesize bulk carrier built in 1999. Taking this sale into account, the Diana Shipping fleet currently consists of 16 vessels (13 Panamax and 3 Capesize). The Company has also announced one additional Capesize vessel newbuilding, which is expected to be delivered in November 2007, and two others to be delivered in the second quarter of 2010. An up-to-date table describing the Diana Shipping fleet

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