Diana Shipping Inc. Announces Direct Continuation Of Time Charter Agreement For m/v Arethusa With Glencore

Diana Shipping Inc.

, (the "Company"), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Glencore Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Arethusa. The gross charter rate is US$7,100 per day minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The new charter period is expected to commence on March 5, 2015. The "Arethusa" is a 73,593 dwt Panamax dry bulk vessel built in 2007. This employment extension is anticipated to generate approximately US$2.34 million of gross revenue for the minimum scheduled period of the time charter. Diana Shipping Inc.'s fleet currently consists of 40 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the three vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 6.9 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company's website, www.dianashippinginc.com. Information contained on the Company's website does not constitute a part of this press release.