Diana Shipping Inc. Announces Time Charter Contract for m/v Melite

ATHENS, GREECE, January 13, 2011 – 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 one of its Panamax dry bulk carriers, the m/v Melite, at a gross charter rate of US$16,500 per day, minus 5% commission paid to third parties, for a period of minimum twenty-three (23) to maximum twenty-five (25) months. The charter is expected to commence at the end of January 2011.

This employment is anticipated to generate approximately US$11.4 million of gross revenue for the minimum scheduled period of the charter.

The m/v Melite is a 76,436 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