Diana Shipping Inc. Majority Owned Subsidiary Takes Delivery of the Two Previously Announced Containership Vessels

Tuesday, Jul 27, 2010

Diana Shipping Inc.
(NYSE:DSX), a global shipping company specializing in the transportation of
dry bulk cargoes, today announced that Diana Containerships Inc., its
majority-owned subsidiary formed for the purpose of investing in
containerships, took delivery of the two 3,400 TEU newbuilding
containerships built at TKMS Blohm + Voss Nordseewerke GmbH, Emden, Germany
from a third-party seller.

The first vessel (MV Sagitta) was delivered on June 29, 2010, and the second
(MV Centaurus) was delivered on July 9, 2010. MV Sagitta is currently
employed on charter with A.P. Moller-Maersk A/S for a period of minimum nine
(9) to maximum twelve (12) months at a gross daily rate of US$16,000. MV
Centaurus is currently employed on charter with Hapag Lloyd AG, Hamburg for
a gross daily rate of US$8,400 for minimum thirty
(30) to maximum sixty (60) days and thereafter will be chartered to CSAV,
Valparaiso for a period of about twenty four (24) months plus or minus forty
five (45) days at a gross daily rate of US$20,000.

These employments are anticipated to generate approximately US$18 million of
gross revenue for the minimum scheduled period of the charters.

As previously announced, Diana Shipping has made an investment of US$50
million in Diana Containerships Inc., representing approximately 55% of the
issued and outstanding shares of the new entity, with the balance of the
common shares held by institutional and accredited investors that acquired
the shares in a private transaction.

Source: Globe Newswire