Diana Shipping Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Solebay Shipping Cape Company Limited, Hong Kong, for one of its Capesize dry bulk vessels, the m/v G. P. Zafirakis. The gross charter rate is USD 17,000 per day, minus a 5% commission paid to third parties, for a period until minimum June 15, 2024 up to maximum August 15, 2024. The charter is expected to commence on January 10, 2023.

The “G. P. Zafirakis” is a 179,492 dwt Capesize dry bulk vessel built in 2014. The employment of “G. P. Zafirakis” is anticipated to generate approximately USD 8.76 million of gross revenue for the minimum scheduled period of the time charter. Diana Shipping Inc.'s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 8 Ultramax).

The Company also expects to take delivery of 1 Ultramax dry bulk vessel by the end of January of 2023. As of today, the combined carrying capacity of the Company's fleet, excluding the 1 Ultramax dry bulk vessel not yet delivered, is approximately 4.9 million dwt with a weighted average age of 10.23 years.