Diana Shipping, M/V Danae Charter

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, announced that it has entered into a time charter contract with Augustea Atlantica Srl, Naples, Italy, or their fully guaranteed nominee, for one of its Panamax dry bulk carriers, the M/V Danae, at a gross daily charter rate of $12k for a period of about twenty-two to about twenty-four months.

The charter is expected to commence on or about April 6, 2009 and will further increase the company's employment cover through 2010 and into early 2011. This employment is expected to generate approximately $8m of gross revenues for the minimum scheduled period of the charter.

The m/v Danae is a 75,106 dwt Panamax dry bulk carrier built in 2001.