Diana Shipping Inc. (NYSE:DSX) announced that it has entered into a time charter contract with Morgan Stanley Capital Group Inc., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross rate of $12,250 per day, minus a 5% commission paid to third parties for a minimum thirteen (13) to sixteen (16) month period. The charter is expected to commence in early December 2011. This employment is expected to generate approximately $4.78m of gross revenues for the minimum scheduled period of the charter. The Nirefs is a 75,311 dwt Panamax dry bulk carrier built in 2001.