Diana Shipping Inc. Announces Time Charter Contract for M/V Protefs With Cargill

Diana Shipping Inc.

today announced that it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v "Protefs", at a gross charter rate of US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-four (24) months to maximum twenty-nine (29) months. The charter is expected to commence in mid-August 2012. This employment is anticipated to generate approximately US$6.5 million of gross revenue for the minimum scheduled period of the charter. The Protefs is a 73,630 dwt Panamax dry bulk vessel built in 2004.