Diana Shipping Time Charter for M/V Melite

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today announced that it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk carriers, the m/v Melite, at a gross
charter rate of US$16,500 per day, minus 5% commission paid to third parties, for a period of minimum twenty-three (23) to maximum twenty-five (25) months. The charter is expected to commence at the end of January 2011.
This employment is anticipated to generate approximately $11.4 million of gross revenue for the minimum scheduled period of the
charter. The m/v Melite is a 76,436 dwt Panamax dry bulk carrier built in 2004.