ATHENS, Greece, Dec. 28, 2018 (GLOBE NEWSWIRE) -- 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 SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk
vessels, the m/v G. P. Zafirakis. The gross charter rate is US$17,000 per day, minus a 5% commission paid to third parties, for a
period of minimum seventeen (17) months to maximum twenty (20) months. The charter is expected to commence on January 2, 2019. The
m/v G. P. Zafirakis is currently chartered, as previously announced, to RWE Supply & Trading GmbH, Essen, Germany, at a gross
charter rate of US$15,000 per day, minus a 5% commission paid to third parties.
The “G. P. Zafirakis” is a 179,492 dwt Capesize dry bulk vessel built in 2014.
This employment is anticipated to generate approximately US$8.67 million of gross revenue for the minimum
scheduled period of the time charter.
Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5
Post-Panamax, 5 Kamsarmax and 20 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.7
million dwt with a weighted average age of 9.12 years. A table describing the current Diana Shipping Inc. fleet can be found on the
Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a
part of this press release.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk
vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk
cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to
provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements
of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating
trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that
these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that
it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk
shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market
for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances
of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events
or otherwise.
Corporate Contact: Ioannis Zafirakis Director, Chief Strategy Officer and Secretary Telephone: + 30-210-9470-100 Email: izafirakis@dianashippinginc.com Website: www.dianashippinginc.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net
