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Diana Shipping Inc. Announces Time Charter Contract For M/v Boston With Clearlake

ATHENS, Greece, July 5, 2013 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that it has entered into a time charter contract with Clearlake Shipping Pte., Ltd., Singapore, a member of the Gunvor Group, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v Boston. The gross charter rate is US$14,250 per day, minus a 4.75% commission paid to third parties, for a period of about twenty-four (24) months to about twenty-nine (29) months. The charter is expected to commence at the end of August 2013.

The Boston is a 177,828 dwt Capesize dry bulk vessel built in 2007.

This employment is anticipated to generate approximately US$10 million of gross revenue for the minimum scheduled period of the charter.

Diana Shipping Inc.'s fleet currently consists of 33 dry bulk carriers (2 Newcastlemax, 9 Capesize, 3 Post-Panamax, 2 Kamsarmax and 17 Panamax). The Company also expects to take delivery of 1 Panamax vessel during September 2013, 2 new-building Ice Class Panamax vessels during the fourth quarter of 2013 and the first quarter of 2014, and 2 new-building Newcastlemax vessels during the second quarter of 2016. As of today, the combined carrying capacity of our current fleet, excluding the five vessels not yet delivered, is approximately 3.7 million dwt with a weighted average age of 6.4 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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