Diana Shipping Inc, a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, Hull No. H2548 (to be named San Francisco), which is currently under construction. The gross charter rate is US$11,750 per day, minus a 5% commission paid to third parties, for a period of minimum twelve months to about sixteen months. The charter is expected to commence on January 6, 2017.

As previously announced, the m/v San Francisco is a newbuilding Newcastlemax dry bulk vessel of approximately 208,500 dwt.

This employment is anticipated to generate approximately US$4.23 million of gross revenue for the minimum scheduled period of the time charter.

Excluding the aforementioned vessel, Diana Shipping Inc.'s fleet currently consists of 46 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects to take delivery of one new-building Newcastlemax dry bulk vessel during the first quarter of 2017. As of today, the combined carrying capacity of the Company's fleet, excluding the two vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 8.13 years.