Diana Shipping Inc. Announces Delivery of the Capesize Bulk Carrier m/v New York and Commencement of Time Charter Contract with Nippon Yusen Kaisha

3/3/2010

ATHENS, GREECE, March 3, 2010 – Diana Shipping Inc. (NYSE: DSX), a global shipping transportation company specializing in dry bulk cargoes, announced today that the Company took delivery of the newly-built m/v New York, a 177,773 dwt Capesize dry bulk carrier built by Shanghai Waigaoqiao Shipbuilding Co. Ltd on March 1, 2010.

As previously announced, the New York is chartered to Nippon Yusen Kaisha for a minimum fifty eight (58) to a maximum sixty two (62) month period at a gross rate of US$48,000 per day. The charter commenced today.

During the minimum period, this employment is expected to generate gross revenues of approximately US$84 million.

About Diana Shipping Inc.
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