Diana Shipping Inc. Announces Delivery Of The Newly Built Post-Panamax Dry Bulk Carrier M/V Amphitrite And Entry Into A Time Charter Contract With Bunge

ATHENS, Greece, Aug. 16, 2012 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that on August 14, 2012, the Company, through a separate wholly-owned subsidiary, took delivery of the m/v "Amphitrite", a 98,697 dwt newly built Post-Panamax dry bulk carrier.

The Company also announced that, through the same wholly-owned subsidiary, it has entered into a time charter contract with Bunge S.A., Geneva, for the Amphitrite. The gross charter rate is US$10,000 per day, minus a 5% commission paid to third parties, for a period of about twenty-two (22) months to about twenty-six (26) months. The charterer has the option to employ the vessel for a further eleven (11) to fourteen (14) month period at a gross charter rate of US$11,300 per day, less a 5% commission paid to third parties. The charter commenced yesterday and the optional period, if exercised, will start as of the end of the twenty-fourth (24) month.

This employment is anticipated to generate approximately US$6.45 million of gross revenue for the minimum scheduled period of the charter. If the charterer exercises its optional period, the charter is expected to generate an additional US$4.33 million of gross revenue.

Diana Shipping Inc.'s fleet currently consists of 29 dry bulk carriers (17 Panamax, 2 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 2 new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of the Company's current fleet, excluding the two vessels not yet delivered, is 3.2 million dwt with a weighted average age of 5.8 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company's website, www.dianashippinginc.com . Information contained on the Company's website does not constitute a part of this press release.

About the Company

Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation of dry bulk vessels. The Company's vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

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