Diana Shipping: Time Charter Contract for M/V Boston

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 Morgan Stanley Capital Group Inc., for one of its Capesize dry bulk carriers, the m/v Boston, at a gross rate of $14,000 per day, minus a 5% commission paid to third parties for a minimum twenty-two (22) to a maximum twenty-six (26) month period. The charterer has the option to employ the vessel for a further minimum eleven (11) to a maximum thirteen (13) month period at a gross rate of $15,000 per day starting twenty-four (24) months after delivery of the vessel to the charterer. The charter is expected to commence at the end of September 2011. This employment is expected to generate approximately $9.2 million of gross revenues for the minimum scheduled period of the charter. The Boston is a 177,828 dwt Capesize dry bulk carrier built in 2007.