Diana Shipping Inc. Announces Direct Continuation of Time Charter Agreement for m/v Sideris GS with BHP Billiton

ATHENS, GREECE, June 15, 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 BHP Billiton Marketing AG of Baar, Switzerland, for its Capesize dry bulk carrier, the m/v Sideris GS, at a gross daily rate of US$30,500 for a period of minimum twenty eight (28) to maximum thirty two (32) months. The charter is a direct continuation of the previous agreement and will commence on October 16, 2010.

This employment is anticipated to generate approximately US$26 million of gross revenue for the minimum scheduled period of the charter.

The m/v Sideris GS is a 174,186 dwt Capesize dry bulk carrier built in 2006.

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