Diana Shipping a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has signed a term sheet relating to its participation in a joint venture entity that is expected to own and operate offshore wind vessels. In the initial phase of this collaboration, the joint venture entity has ordered two high spec Commissioning Service Operation Vessels (CSOVs) from VARD and holds the option to acquire two additional offshore wind service vessels, in an effort to become a leading provider to that sector. The Company’s partners in this venture include Blue Star Group GmbH & Cie. KG, SeaRenergy Offshore Holding GmbH and SeraVerse GmbH, who share its commitment to innovation and excellence in the offshore wind sector. The transaction remains subject to the negotiation of definitive documentation relating to the Company’s participation in the joint venture entity and the satisfaction of customary closing conditions.

Mrs. Semiramis Paliou, Director and Chief Executive Officer of the Company, stated: “We are excited to announce our intention to enter into a new sector of the shipping industry through a strategic partnership involving the acquisition of two CSOV vessels. We view this investment as another attestation to our commitment for a greener and more sustainable future. Together with our esteemed partners, we embark on an exciting journey that should contribute to a cleaner and more eco-friendly world.”

Upon the completion of the previously announced sale of m/v Boston, Diana Shipping Inc.’s fleet will consist of 40 dry bulk vessels: 4 Newcastlemax, 9 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 9 Ultramax. As of today, the combined carrying capacity of the Company’s fleet, including the m/v Boston, is approximately 4.7 million dwt with a weighted average age of 10.55 years.