Diana Shipping Inc. Announces Delivery of the Capesize Bulk Carrier m/v Houston and Commencement of Time Charter Contract with Shagang Shipping Co. Ltd.


ATHENS, GREECE, November 9, 2009 – Diana Shipping Inc. (NYSE: DSX), a global shipping transportation company specializing in dry bulk cargoes, announced today that the Company has taken delivery of the newly-built m/v Houston, a 177,729 dwt Capesize dry bulk carrier built jointly by Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd.

As previously announced, the Houston is chartered to Shagang Shipping Co. a guaranteed nominee of the Jiangsu Shagang Shipping Group Co. The charter contract provides for a minimum 59 to a maximum 62 month period at a gross rate of US$55,000 per day. The charter commenced on November 3, 2009.

During the minimum period, this employment is expected to generate gross revenues of approximately US$97 million.

About the Company
Diana Shipping Inc. is a global provider of shipping transportation services. The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Diana Shipping Inc. press release