Diana Shipping Inc. Announces Delivery of the Panamax Dry Bulk Carrier M/V Leto and Commencement of Time Charter Contract With EDF

Thursday, Jan 19, 2012

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, announced today that the Company yesterday took delivery of the m/v "Leto", (formerly "Vathy"), a 81,297 dwt Panamax dry bulk carrier built in 2010.

As previously announced, the Leto is chartered to EDF Trading Ltd., London, at a gross charter rate of US$12,900 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-four
(24) months to maximum thirty-four (34) months. The charter commenced today.

This employment is anticipated to generate approximately US$9.3 million of gross revenue for the minimum scheduled period of the charter.

Including the newly-delivered Leto, the Diana Shipping Inc. fleet
currently consists of 25 dry bulk carriers (16 Panamax, 1 Post-Panamax and 8 Capesize) with a weighted average age of 6.2 years. The Company also previously announced two Newcastlemax new-building dry bulk carriers that are expected to be delivered during the first half of
2012. A table describing the current Diana Shipping Inc. fleet can be found on the Company's website, www.dianashippinginc.com.

Source: Diana Shipping