Diana Shipping Takes Delivery of Post-Panamax

Diana Shipping Inc. (NYSE:DSX), a global shipping transportation company specializing in dry bulk cargoes, announced that the Company has taken delivery of the MV East Sunrise 88, renamed Alcmene, a 93,193 dwt Post-Panamax dry bulk carrier built in 2010.

The Alcmene is chartered to Cargill International S.A., Geneva for a period of about twenty-three to about twenty-five months, at a gross charter rate of $20,250 per day. The charter is expected to commence on November 20, 2010. This employment is anticipated to generate approximately $14m of gross revenue for the minimum scheduled period of the charter.

The company also announced that it has entered into a time charter contract with Minmetals Logistics Group Co. Ltd., Beijing, for one of its Capesize dry bulk carriers, the MV Aliki, at a gross charter rate of $26,500 per day for a period of minimum fifty-nine to maximum sixty-one months. The charter is expected to commence in the beginning of March 2011. The MV Aliki is a 180,235 dwt Capesize dry bulk carrier built in 2005.

This employment is anticipated to generate approximately $47m of gross revenue for the minimum scheduled period of the charter.