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

ATHENS, GREECE, June 24, 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 Arethusa, at a gross charter rate of US$13,250 per day, minus a 5% commission paid to third parties, for a period of about eleven (11) months to about thirteen (13) months. The charter is expected to commence early July 2011.

As previously announced on May 13, 2011, the above mentioned vessel is the former m/v Corona, a 2007 built Panamax dry bulk carrier of 73,593 dwt, that the Company entered into an agreement to purchase in May 2011. The vessel, to be renamed Arethusa, is now expected to be delivered to the Company by the sellers by early July 2011.

This employment is anticipated to generate approximately US$4.2 million of gross revenue for the minimum scheduled period of the charter.

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