Diana Shipping Announces Time Charter Contract for M/V Erato

Diana Shipping Inc.

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.