Diana Shipping Wins Time Charter Contract for m/v Nirefs with Intermare, m/v Myrto with Cargill

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 Intermare Transport GmbH, Hamburg, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v Nirefs. The gross charter rate is US$8,000 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 end of January 2013. The Nirefs is a 75,311 dwt Panamax dry bulk vessel built in 2001. Additionally, the Company has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for its Kamsarmax dry bulk carrier, the m/v Myrto, at a gross charter rate of US$9,000 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 upon delivery of the vessel to the Company. As previously announced on December 21, 2012, the m/v Myrto is a 2013 built Kamsarmax dry bulk carrier of 82,131 dwt that the Company entered into an agreement to purchase in December 2012. The vessel is expected to be delivered to the Company by the sellers by the end of January 2013.