Diana Shipping to Part of Containership Project

Friday, January 15, 2010

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, announced its intention to participate in a new project involving the formation of a company expected to invest in containerships over the next 12-18 months. Diana Shipping intends to invest $50m for a minority stake in the project, with the balance being raised in a private offering to institutional and accredited investors.

Diana Shipping's wholly-owned management company would also enter into administrative and vessel management agreements with the new company, and certain Diana Shipping executives would also hold positions as executives of the new company. In addition, Diana Shipping would agree with the new company, as long as the administrative agreement or any of the vessel management agreements remain in effect, not to invest in containerships via other entities, while the new company would agree not to invest in dry bulk carriers.

The proposed investment is subject to the completion of fundraising on acceptable terms. The shares of the company involved in the project described in this press release have not been registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States or to U.S. persons (as such term is defined in Regulation S under the Securities Act) in the absence of an effective registration statement or exemption from registration.

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