Diana Shipping Announces Delivery of Panamax Dry Bulk Vessel m/v Selina

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Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Selina (formerly “Sunshine”), a 2010 built Panamax dry bulk vessel of 75,700 dwt that the Company entered into an agreement to purchase in February 2016.

As previously announced, the Company signed, through two separate wholly-owned subsidiaries, a term sheet with ABN AMRO Bank N.V. for a term loan facility of up to US$25.755 million to finance the entire acquisition cost of m/v Infinity 9 (tbr. “Ismene”), that was delivered to the Company on March 21, 2016 and the newly delivered m/v Selina.

The m/v Selina is chartered to Dampskibsselskabet Norden A/S, Copenhagen, at a gross charter rate of US$5,800 per day minus a 5% commission paid to third parties, for a period of up to minimum October 15, 2016 to maximum February 15, 2017.

Separately, the Company also announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Norfolk. The gross charter rate is US$4,350 per day, minus a 5% commission paid to third parties, for a period of minimum nine (9) months to maximum twelve (12) months. The charter is expected to commence on March 28, 2016.

The “Norfolk” is a 164,218 dwt Capesize dry bulk vessel built in 2002.

The employments of “Selina” and “Norfolk” are anticipated to generate approximately US$2.37 million of gross revenue for the minimum scheduled period of the time charters.

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