Diana Shipping Inc. announced that it has agreed to purchase from an
unaffiliated third party, a Capesize dry bulk carrier of approximately
175,000 dwt, currently under construction by Shanghai Waigaoqiao
Shipbuilding Co., Ltd. for a price of $91 million. The vessel, to be named
Sideris GS, is expected to be delivered to the Company by the sellers
immediately upon completion of its construction in or about December 2006.
Upon delivery of this vessel, the Company's fleet will consist of
thirteen Panamax dry bulk carriers and two Capesize dry bulk carriers.