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

ATHENS, GREECE, November 17, 2011

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that it has entered into a time charter contract with Morgan Stanley Capital Group Inc., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross rate of US$12,250 per day, minus a 5% commission paid to third parties for a minimum thirteen (13) to sixteen (16) month period. The charter is expected to commence in early December 2011.

This employment is expected to generate approximately US$4.78 million of gross revenues for the minimum scheduled period of the charter.

The Nirefs is a 75,311 dwt Panamax dry bulk carrier built in 2001.

About the Company
Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Diana Shipping Inc. press release