Diana Shipping Inc. Announces Development Related to the Charter of m/v Houston

ATHENS, GREECE, December 16, 2011

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that its subsidiary Gala Properties Inc. has not received from the charterer of the M/V “Houston” hires equal to approximately US$4.8 million. The vessel currently continues to operate in accordance with the terms of the charter, which has an initial termination date of October 2014.

The company is taking all necessary steps to recover the amounts owed to it under the charter, although there can be no assurance that it will be successful in doing so.

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