Diana Shipping Inc. Announces Time Charter Contracts for m/v Naias and m/v Oceanis

ATHENS, GREECE, July 7, 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 J. Aron & Company, New York, for one of its Panamax dry bulk carriers, the m/v Naias, at a gross charter rate of US$19,750 per day for a period of minimum twenty three (23) to maximum twenty five (25) months. The charter is expected to commence on September 24, 2010.

The Company also announced today that it has entered into a time charter contract with China National Chartering Co. Ltd (Sinochart), Beijing, for another of its Panamax dry bulk carriers, the m/v Oceanis, at a gross charter rate of US$19,750 per day for a period of minimum twenty three (23) to about twenty five (25) months. The charter is expected to commence during the month of September 2010.

These employments are anticipated to generate approximately US$27.3 million of gross revenue for the minimum scheduled period of the charters.

The m/v Naias is a 73,546 dwt Panamax dry bulk carrier built in 2006 and the m/v Oceanis a 75,211 dwt Panamax dry bulk carrier built in 2001.

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