Diana Shipping Inc. Announces Delivery of the Panamax Dry Bulk Carrier m/v Arethusa and Commencement of Time Charter Contract with Cargill

ATHENS, GREECE, July 8, 2011 – Diana Shipping Inc. (NYSE: DSX), a global shipping transportation company specializing in dry bulk cargoes, announced today that the Company has taken delivery on July 7, 2011 of the m/v “Corona”, renamed “Arethusa”, a 73,593 dwt Panamax dry bulk carrier built in 2007.

As previously announced, the Arethusa is chartered to Cargill International S.A., Geneva for a period of about eleven (11) months to about thirteen (13) months, at a gross charter rate of US$13,250 per day, minus a 5% commission paid to third parties. The charter commenced today.

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

Including the newly-delivered “Arethusa”, the Diana Shipping Inc. fleet currently consists of 24 dry bulk carriers (15 Panamax, 1 Post-Panamax and 8 Capesize) with a weighted average age of 5.8 years. The Company also previously announced two Newcastlemax new-building dry bulk carriers that are expected to be delivered during the first half of 2012. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com.

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