Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, announced that, through two separate wholly-owned subsidiaries, it has taken delivery of the m/v San Francisco and the m/v Newport News two newbuilding Newcastlemax dry bulk vessels of approximately 208,500 dwt that were contracted in May 2013.

The m/v San Francisco is time chartered to Koch Shipping Pte. Ltd., Singapore, at a gross charter rate of 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. This employment is anticipated to generate approximately US$4.23 million of gross revenue for the minimum scheduled period of the time charter.

The m/v Newport News is time chartered to SwissMarine Services S.A., Geneva, for a period of minimum twenty-two months to maximum twenty-six months. The daily gross charter rate will be 24% above the BCI_2014 average of the five pre-determined time charter routes as published by the Baltic Exchange, minus a 5% commission paid to third parties. The initial charter payment will be made on delivery of the vessel to the charterers based on the average of the five pre-determined time charter routes for the 15 days preceding the vessel's delivery date. At the end of the time charter period, there will be a final settlement to reflect the average daily rate of the five pre-determined time charter routes for the actual duration of the charter. The charter is expected to commence on January 9, 2017.

Additionally, the Company announced that, through the two separate wholly-owned subsidiaries, it has completed a drawdown of US$57.24 million from its previously announced term loan facility with The Export-Import Bank of China. The purpose of this drawdown is to partially finance the acquisition cost of the m/v San Francisco and the m/v Newport News.