Diana Shipping Announces Time Charter Contract with Cargill for m/v Erato

Diana Shipping Inc. DSX, 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 Panamax dry bulk carriers, the m/v Erato. The gross charter rate is US$6,500 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-four (24) months. The charter is expected to commence at the middle of January 2013. This employment is anticipated to generate approximately US$3.5 million of gross revenue for the minimum scheduled period of the charter. The Erato is a 74,444 dwt Panamax dry bulk vessel built in 2004.