Diana Shipping Inc. Announces Direct Continuation of Time Charter Agreement for m/v Calipso with Cargill

ATHENS, GREECE, July 30, 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 Cargill International S.A., Geneva, for its Panamax dry bulk carrier, the m/v Calipso, at a gross daily rate of US$23,000 for a period of about eleven (11) to about thirteen (13) months. The charter is a direct continuation of the previous agreement and will commence at the beginning of September, 2010.

This employment is anticipated to generate approximately US$7.6 million of gross revenue for the minimum scheduled period of the charter.

The m/v Calipso is a 73,691 dwt Panamax dry bulk carrier built in 2005.

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