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            october 18, 2019

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Diana Shipping announces delivery of Capesize bulk carrier


Diana Shipping Inc., a shipping transportation company specializing in dry bulk cargoes, announced that the Company has taken delivery of the 171,810 dwt Capesize dry bulk carrier “Thalassini Niki”, renamed “Salt Lake City”, built in 2005 by Daewoo Shipbuilding & Marine Engineering Co. Ltd.  The agreement to purchase this vessel was originally announced on October 17, 2007.
As previously announced, “Salt Lake City” was purchased for US$140 million and is chartered as of September 28, 2007 to Refined Success Ltd., guaranteed by Cosco (H.K) Shipping Co Ltd. for a period of minimum 59 to maximum 61 months, at a daily rate of US$55,800 less 5% commission. Current employment is anticipated to generate approximately US$96.2 million of gross revenues for the Company over the minimum scheduled period of the charter.
Including the newly-delivered “Salt Lake City”, the Diana Shipping Inc. fleet currently consists of 18 dry bulk carriers (13 Panamax and 5 Capesize).  The Company also previously announced the purchase of an additional Capesize dry bulk carrier, which is expected to be delivered in early February 2008, and two Capesize new-building dry bulk carriers that are expected to be delivered during the second quarter of 2010. 
Diana Shipping Chairman and Chief Executive Officer, Simeon Palios, commented:
“The delivery of our recently acquired Capesize vessel, together with the additional vessels scheduled to join the fleet between February 2008 and the second quarter of 2010, are consistent with our disciplined growth strategy. We are very fortunate that market conditions are exceptionally strong and that four of our Panamax vessels are to be re-chartered in the near future.  These lucrative charters together with the enhanced visibility of earnings reinforce our confidence as regards our Company’s results going forward.”

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