Diana Shipping Announces Time Charter Contract for MV Oceanis

Diana Shipping Inc. has entered into a time charter contract with Hanjin Shipping Co., Ltd., Seoul, for one of its Panamax dry bulk carriers, the Oceanis, at a gross rate of $40,000 per day for a minimum 22 to a maximum 25 month period.

This employment is anticipated to generate approximately $26.5m of gross revenues for the minimum scheduled period of the charter. The charter is expected to commence in mid-September, 2007. The Oceanis is a 75,211 dwt Panamax dry bulk carrier built in 2001.