Greece: Diana Shipping Enters into Time Charter Contract for MV Calipso

Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, today announced that it has entered into a time charter contract with Louis Dreyfus Commodities S.A., Geneva, for one of its Panamax dry bulk carriers, the m/v Calipso, at a gross rate of US$12,250 per day, minus a 5% commission paid to third parties for a minimum twenty-two (22) to a maximum twenty-six (26) month period. The charter is expected to commence mid-October 2011.

This employment is expected to generate approximately US$8.1 million of gross revenues for the minimum scheduled period of the charter.

The Calipso is a 73,691 dwt Panamax dry bulk carrier built in 2005.

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.

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Source: Diana Shipping, October 4, 2011.