Diana Shipping Enter Contract with Cargill

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v Sideris GS. The gross charter rate is $13,500 per day, minus a 5% commission paid to third parties, for a minimum period of 21 months to maximum of 27 months. The charter is expected to commence in the middle of March 2013.

This employment is anticipated to generate approximately $8.5 million of gross revenue for the minimum scheduled period of the charter.

The Sideris GS is a 174,186 dwt Capesize dry bulk vessel built in 2006.

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