Greece: Time Charter Contract for MV Arethusa

Diana Shipping Inc. announced that it has entered into a time charter contract with Cargill International S.A., Geneva for one of its Panamax dry bulk carriers.

The bulker Arethusa was chartered at a gross charter rate of USD 7,300 per day, minus a 5% commission paid to third parties, for a period of eighteen to twenty-four months.

The charter is expected to commence on November 23, 2012. This employment is anticipated to generate approximately USD 3.9 million of gross revenue for the minimum scheduled period of the charter.

The Arethusa is a 73,593 dwt Panamax dry bulk vessel built in 2007.