Diana Shipping Inc. Announces Time Charter Contracts for m/v Nirefs and m/v Erato

ATHENS, GREECE, January 8, 2010 – 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 contract with Louis Dreyfus Commodities Suisse S.A., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross charter rate of US$21,000 per day for a period of about twenty-three (23) to about twenty-five (25) months. The charter is expected to commence in the middle of February 2010.

The Company also announced today that it has entered into a time charter contract with C Transport Panamax Ltd., Isle of Man, for one of its Panamax dry bulk carriers, the m/v Erato, at a gross charter rate of US$20,500 per day for a period of minimum twenty-one (21) to maximum twenty-four (24) months. The charter is expected to commence in the middle of March 2010.

These employments are anticipated to generate approximately US$27.5 million of gross revenue for the minimum scheduled period of the charters.

The m/v Nirefs is a 75,311 dwt Panamax dry bulk carrier built in 2001 and the m/v Erato is a 74,444 dwt Panamax dry bulk carrier built in 2004.

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