Diana Shipping Contract for Dry Bulk Carriers

Diana Shipping Inc. (NYSE:DSX), a global shipping transportation company specializing in dry bulk cargoes, announced that it has signed, through its 100% owned subsidiaries, two shipbuilding contracts with China Shipbuilding Trading Company, Limited and Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd for the construction of two Newcastlemax dry bulk carriers of approximately 206,000 dwt each for a contract price of $59m per vessel. The company expects to take delivery of the vessels during the second and third quarters of 2012, respectively. The company is considering obtaining pre- and/or post-delivery financing for the specific acquisitions.