Diana Shipping Announces Sale of Capesize Vessel

Friday, February 16, 2007
Diana Shipping Inc., a global shipping transportation company specializing in dry bulk cargoes, today announced that it has signed a Memorandum of Agreement with an unaffiliated third party for the sale of one of its Capesize dry bulk carriers, the Pantelis SP, for the price before commissions of $81 million. The vessel, is expected to be delivered to its new owners in early July 2007. The Pantelis SP is a 169,883 dwt Capesize bulk carrier built in 1999 that the Company purchased in February 2005 for a contract price of $63.5 million.

The Company also announced that it has entered into a time charter contract with Cargill International S.A. for one of its Panamax vessels, the Clio, for a period of minimum 23 to maximum 25 months at a gross daily charter of $27,000. The time charter contract is expected to commence on or about February 25, 2007. The Clio is a 73,691 dwt Panamax dry bulk carrier built in 2005.

Upon completion of sale of Pantelis SP and including other vessels under construction, the Company's fleet will consist of thirteen Panamax and four Capesize dry bulk carriers. The weighted average age without taking into account the vessels under construction will be 3.2 years.

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