New Bulker, Drawdown Loans Actioned by Diana Shipping

Press Release
Sunday, December 23, 2012

Diana Shipping Inc. signs MOU to buy a new-building bulk ship from a third party; subsidiaries negotiate term loan facilities.

The new-building Kamsarmax dry bulk carrier, to be named Myrto of 82,131 dwt, was built by Tsuneishi Shipbuilding Co., Ltd., Japan, and the purchase price is US$26.5-million. The vessel is expected to be delivered to Diana Shipping at the end of January 2013.

Separately, the Company also announced that it signed, through two separate wholly owned subsidiaries, a term loan facility with Nordea Bank Finland Plc, London Branch, and has completed the drawdown of US$20-million.

The purpose of this facility is to partially finance the acquisition costs of the two newly built Post-Panamax dry bulk carriers, the m/v "Amphitrite" and m/v "Polymnia", which were delivered to the Company on August 14, 2012 and November 20, 2012, respectively.

Including the "Myrto", Diana Shipping Inc.'s fleet currently consists of 31 dry bulk carriers (17 Panamax, 1 Kamsarmax, 3 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 2 new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013

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