Diana Shipping Inc. Announces Delivery of the Newcastlemax Dry Bulk Carrier m/v Los Angeles

Published on Wednesday, 08 February 2012 09:15 Written by TradersHuddle Staff

Drawdown of US$16.125 Million From a Term Loan Facility With Nordea Bank

Announces Time Charter Contract for m/v Thetis With EDF

ATHENS, Greece, Feb. 8, 2012 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that today it took delivery of the newly-built m/v "Los Angeles", a Newcastlemax dry bulk carrier of 206,104 dwt that was contracted in April 2010. As previously announced, the m/v "Los Angeles" is chartered to EDF Trading Ltd., London, at a gross rate of US$18,000 per day, minus a 5% commission paid to third parties, for a minimum forty-six (46) to a maximum fifty (50) month period. The charter is expected to commence tomorrow.

This employment is anticipated to generate approximately US$24.8 million of gross revenue for the minimum scheduled period of the charter.

Separately, the Company also announced that on February 7, 2012, it completed the drawdown of US$16.125 million from a term loan facility with Nordea Bank Finland Plc, London Branch, through a wholly owned subsidiary. The purpose of this facility is to partially finance the acquisition cost of the m/v "Leto" which was delivered to the Company on January 16, 2012.

The Company also announced today that on February 6, 2012 it entered into a time charter contract with EDF Trading Ltd., London, for one of its Panamax dry bulk carriers, the m/v "Thetis", at a gross charter rate of US$10,500 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-eight (28) months. The charter is expected to commence in mid-February.

This employment is anticipated to generate approximately US$5.7 million of gross revenue for the minimum scheduled period of the charter.

Including the newly-delivered m/v "Los Angeles", Diana Shipping Inc.'s fleet currently consists of 26 dry bulk carriers (16 Panamax, 1 Post-Panamax, 8 Capesize and 1 Newcastlemax) with a weighted average age of 5.9 years. The Company also previously announced one additional Newcastlemax new-building dry bulk carrier that is expected to be delivered during the second quarter of 2012. A table describing the current Diana Shipping Inc. fleet can be found on the Company's website, www.dianashippinginc.com.

About the Company

Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation 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, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our 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 our operating expenses, including bunker prices, drydocking and insurance costs, the market for our 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, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Executive Vice-President and Secretary
         Telephone: + 30-210-947-0100
         Email: 
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         Investor and Media Relations:
         Edward Nebb
         Comm-Counsellors, LLC
         Telephone: + 1-203-972-8350
         Email: 
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