Diana Shipping Inc. Announces the Sale of a Capesize Dry Bulk Vessel, the m/v Norfolk

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2002-built vessel “Norfolk”, with delivery to the buyer latest by February 25, 2020, for a sale price of US$9.35 million before commissions.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Aquavita International S.A., for one of its Kamsarmax dry bulk vessels, the m/v Maia. The gross charter rate is US$11,200 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen (14) months to about sixteen (16) months. The new charter will commence today.

The “Maia” is a 82,193 dwt Kamsarmax dry bulk vessel built in 2009.

This employment is anticipated to generate approximately US$4.7 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the aforementioned sale and the previously announced sale of a Panamax dry bulk vessel, the m/v Calipso, Diana Shipping Inc.’s fleet will consist of 40 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and 13 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Norfolk and the m/v Calipso, is approximately 5.2 million dwt with a weighted average age of 9.62 years.