Diana Shipping Inc. Announces Time Charter Contract for m/v Los Angeles With Koch

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, the m/v Los Angeles. The gross charter rate is US$26,250 per day, minus a 5% commission paid to third parties, for a period until minimum January 15, 2023 up to maximum March 15, 2023. The charter commenced retroactively as of January 30, 2022. The m/v Los Angeles was chartered, as previously announced, to Engelhart CTP Freight (Switzerland) SA, at a gross charter rate of US$14,250 per day, minus a 5% commission paid to third parties.

The “Los Angeles” is a 206,104 dwt Newcastlemax dry bulk vessel built in 2012.

The employment of “Los Angeles” is anticipated to generate approximately US$9.06 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 33 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 5 Kamsarmax and 8 Panamax). The Company also expects to take delivery of one Kamsarmax dry bulk vessel and one new-building Capesize dry bulk vessel by the end of February 2022 and by the end of the first quarter of 2022, respectively. As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 4.3 million dwt with a weighted average age of 10.44 years.