Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Oceanis. The gross charter rate is US$9,200 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to about fourteen (14) months. The charter is expected to commence on January 9, 2020.

The “Oceanis” is a 75,211 dwt Panamax dry bulk vessel built in 2001.

This employment is anticipated to generate approximately US$3.31 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Calipso, Diana Shipping Inc.’s fleet will consist of 41 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 13 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.2 million dwt with a weighted average age of 9.56 years.