Diana Shipping Announces Long-Term Charter Contract

Diana Shipping Inc. has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk carriers, the Alcyon, at a gross rate of $34,500 per day for a minimum 57 to a maximum 60 month period.

This employment is anticipated to generate approximately $59m of gross revenues for the minimum scheduled period of the charter. The charter is expected to commence in the second half of February, 2008. The Alcyon is a 75,247 dwt Panamax dry bulk carrier built in 2001.