Diana Shipping Inc. Announces Time Charter Contract for m/v Danae; Also Announces Filing of 2010 Annual Report

ATHENS, GREECE, April 5, 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 Hyundai Merchant Marine Co., Ltd., Seoul, South Korea for one of its Panamax dry bulk carriers, the m/v Danae, at a gross charter rate of US$15,600 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-three (23) months to maximum twenty-five (25) months. The charter is expected to commence by the end of April, 2011.

This employment is anticipated to generate approximately US$11 million of gross revenue for the minimum scheduled period of the charter. The m/v Danae is a 75,106 dwt Panamax dry bulk carrier built in 2001.

Separately, the Company also announced today that it has filed its 2010 Annual Report on Form 20-F with the United States Securities and Exchange Commission on March 31, 2011. The report is available for download on the Company’s website, www.dianashippinginc.com. Any shareholder may receive a hard copy of the Company’s complete Annual Report, which includes the Company’s complete 2010 audited financial statements, free of charge upon request.

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