Diana Shipping Inc. Announces New Time Charter Agreement With BHP Billiton ATHENS, Greece, Jan. 23 - Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today announced that it has entered into a time charter with BHP Billiton Marketing AG for its Panamax dry bulk carrier, the Clio, for a period of 11-13 months, at a rate of US$850 per day above the average rate of four pre-determined time charter routes as published by the Baltic Exchange. The charter is expected to commence on February 2, 2006. The initial charter payment will be made on delivery of the vessel to BHP Billiton based on the average of four pre-determined time charter routes for the 15 days preceding vessel's delivery date. Thereafter, each time charter payment will include an adjustment to reflect the actual average of the four pre-determined time charter routes, for each preceding 15 day period. The Clio is a 73,691 dwt Panamax dry bulk carrier built in 2005.