Diana Shipping Inc., a global shipping company specialising 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 Oldendorff Carriers GmbH & Co. KG, Lübeck, Germany, for one of its Capesize dry bulk vessels, the m/v Sideris GS. The gross charter rate is US$12,700 per day, minus a 5% commission paid to third parties, for a period until minimum October 15, 2020 up to maximum December 31, 2020. The charter is expected to commence on March 8, 2020.

The “Sideris GS” is a 174,186 dwt Capesize dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$2.76 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of one Capesize dry bulk vessel, the m/v Norfolk, Diana Shipping Inc.’s fleet will consist of 41 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Norfolk, is approximately 5.2 million dwt with a weighted average age of 9.72 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.