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

Diana Shipping Inc. DSX today announced that it has entered into a time charter contract with Morgan Stanley Capital Group Inc., for one of its Capesize dry bulk carriers, the m/v Boston, at a gross rate of US$14,000 per day, minus a 5% commission paid to third parties for a minimum twenty-two (22) to a maximum twenty-six (26) month period. The charterer has the option to employ the vessel for a further minimum eleven (11) to a maximum thirteen (13) month period at a gross rate of US$15,000 per day starting twenty-four (24) months after delivery of the vessel to the charterer. The charter is expected to commence at the end of September 2011. This employment is expected to generate approximately US$9.2 million of gross revenues for the minimum scheduled period of the charter.