Diana Shipping Inc. Announces Time Charter Contract for M/V Melia

Diana Shipping Inc. DSX today announced that it has entered into a time charter contract with STX Panocean Co., Ltd., Seoul, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v "Mining Star" (to be renamed "Melia"), at a gross charter rate of US$10,900 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence upon delivery of the vessel to the Company. As previously announced on March 30, 2012, the above mentioned vessel is a 2005 built Panamax dry bulk carrier of 76,225 dwt that the Company entered into an agreement to purchase in March 2012. The vessel is expected to be delivered to the Company by the sellers in mid-April 2012. This employment is anticipated to generate approximately US$3.6 million of gross revenue for the minimum scheduled period of the charter.