Diana Shipping Inc. announces time charter contract for m/v Danae with Phaethon

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Diana Shipping Inc. (NYSE: DSX), (the “Company”), 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 Danae. The gross charter rate is US$8,100 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence later today.

The “Danae” is a 75,106 dwt Panamax dry bulk vessel built in 2001.

This employment is anticipated to generate approximately US$2.67 million of gross revenue for the minimum scheduled period of the time charter.