Diana Shipping Inc. Announces Completion of a Joint Venture for the Acquisition of “DSI Drammen” and Her Financing With Nordea Bank and Time Charter Contract for m/v Boston With ST Shipping

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that through a limited partnership it signed an investment agreement for the acquisition by a Norwegian entity of a 75% partnership interest in m.v. “DSI Drammen”, while maintaining 25% of the partnership interest. The Company acquired the vessel earlier this year. The financing of the vessel was also concluded, with the drawdown of US$15.4 million from Nordea Bank Abp, filial i Norge, as a result of the term loan facility which the Company signed on March 30, 2023.

The Company also announced that, through a separate wholy-owned subsidiary, it has entered into a time charter contract with ST Shipping and Transport Pte. Ltd., for one of its Capesize dry bulk vessels, the m/v Boston. The gross charter rate is US$17,000 per day, minus a 5% commission paid to third parties, for a period until minimum July 15, 2024 up to maximum October 15, 2024. The charter is expected to commence on May 6, 2023.

The “Capesize” is a 177,828 dwt Capesize dry bulk vessel built in 2007.

The employment of “Boston” is anticipated to generate approximately US$7.29 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 10 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 10 Ultramax). As of today, the combined carrying capacity of the Company’s fleet, is approximately 4.7 million dwt with a weighted average age of 10.03 years.