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Diana Shipping to Buy Kamsarmax Dry Bulk Carrier for £14.8M, In Charter with ADM at $7.25/Day

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Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that on February 11, 2013, through a separate wholly-owned subsidiary, the Company was the successful bidder at an auction that took place in France, for the m/v "Valeria Della Gatta" (to be renamed Maia), a 2009-built Kamsarmax dry bulk carrier of 82,193 dwt, built by Tsuneishi Shipbuilding Co. Ltd., Japan, for a purchase price of €14.755 million.

Separately, the Company also announced that it has entered into a time charter contract with ADM International Sarl, Rolle, Switzerland, through a separate wholly-owned subsidiary, for one of its Post-Panamax dry bulk carriers, the m/v Alcmene. The gross charter rate is US$7,250 per day, minus a 5% commission paid to third parties, for a period of about eighteen (18) months to maximum twenty-four (24) months. The charter is expected to commence on February 23, 2013.

The Alcmene is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010.

Additionally, the Company has entered into a time charter contract with Intermare Transport GmbH, Hamburg, through a separate wholly owned subsidiary, for one of its Panamax dry bulk carriers, the m/v Danae. The gross charter rate is US$8,250 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-two (22) months. The charter is expected to commence at the beginning of March 2013.

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