Diana Shipping Orders Two Ice-Class Dry Bulk Carriers from China

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March 29, 2012

Leading dry bulk shipowner Diana Shipping Inc. (NYSE: DSX) announced today its plans for the construction of two new icebreaking bulkers from China Shipbuilding Trading Company, Limited and Jiangnan Shipyard Co.

Diana Shipping says the vessels will be Ice Class Panamax dry bulk carriers of 76,000 dwt and will each cost $29,000,000. The pair is expected to be delivered during the fourth quarter of 2013.

Excluding the two vessels mentioned above and a previously announced 206,000-dwt Newcastlemax newbuild expected to be delivered during the second quarter of 2012, Diana Shipping Inc. operates a fleet of 26 dry bulk carriers consisting of 16 Panamax, 1 Post-Panamax, 8 Capesize and 1 Newcastlemax, with a weighted average age of 6 years.

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