Greece: Diana Shipping Enters Into Time Charter Contract for MV Erato

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 Hyundai Merchant Marine Co. Ltd, Seoul, South Korea, for one of its Panamax dry bulk carriers, the m/v Erato, at a gross rate of US$12,200 per day, minus a 5% commission paid to third parties for a minimum thirteen (13) to about sixteen (16) month period. The charter is expected to commence early December 2011.

This employment is expected to generate approximately US$4.76 million of gross revenues for the minimum scheduled period of the charter.

The Erato is a 74,444 dwt Panamax dry bulk carrier built in 2004.

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.

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Source: Diana Shipping Inc, November 11, 2011