Diana Shipping Adds Another Dry Bulk Vessel

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it took delivery of the newly built m/v Crystalia, an Ice Class Panamax dry bulk vessel of 77,525 dwt that was contracted in March 2012.

The m/v Crystalia is time chartered to Glencore Grain B.V., Rotterdam, at a gross charter rate of $15,800 per day, minus a 5% commission paid to third parties, for a period of minimum 18 months to maximum 21 months. The charter is expected to commence tomorrow.

This employment is anticipated to generate approximately $8.5 million of gross revenue for the minimum scheduled period of the charter.

Including the newly delivered m/v Crystalia, Diana Shipping Inc.'s fleet currently consists of 37 dry bulk vessels (two Newcastlemax, 10 Capesize, three Post-Panamax, three Kamsarmax and 19 Panamax). The company also expects to take delivery of one new-building Ice Class Panamax dry bulk vessel during the first quarter of 2014, two new-building Newcastlemax dry bulk vessels and one Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the four vessels not yet delivered,  is approximately 4.13 million dwt with a weighted average age of 6.6 years.