Diana Shipping Time Charter, M/V Calipso

January 27, 2009

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk carriers, the m/v Calipso, at a gross rate of US$9,400 per day for a minimum eleven (11) to a maximum fourteen (14) month period. The charter commenced on January 24, 2009.

This employment is anticipated to generate approximately $3.1m of gross revenues for the minimum scheduled period of the charter.

The M/V Calipso is a 73,691 dwt Panamax dry bulk carrier built in 2005.

Contracts • Vessels