Greece: Diana Shipping Announces Charter Contract for MV Sideris GS

Diana Shipping Inc., 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 Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v Sideris GS.

The gross charter rate is US$13,500 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-one (21) months to maximum twenty-seven (27) months. The charter is expected to commence in the middle of March 2013.

The Sideris GS is a 174,186 dwt Capesize dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$8.5 million of gross revenue for the minimum scheduled period of the charter.

Diana Shipping Inc.’s fleet currently consists of 32 dry bulk carriers (17 Panamax, 2 Kamsarmax, 3 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 2 new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of our current fleet, excluding the two vessels not yet delivered, is approximately 3.5 million dwt with a weighted average age of 6.0 years.

[mappress]

Diana Shipping, March 5, 2013