Diana Shipping Announces Time Charter Contract for M/V Salt Lake City With Morgan Stanley

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 Morgan Stanley Capital Group Inc., through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v "Salt Lake City". The gross charter rate is US$13,000 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-two (22) months to maximum twenty-eight (28) months. The charter is expected to commence in the beginning of August 2012. This employment is anticipated to generate approximately US$8.6 million of gross revenue for the minimum scheduled period of the charter.