Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, yesterday announced that it has entered into a time charter contract with J. Aron & Company, New York, for one of its Panamax dry bulk carriers, the m/v Melite
(formerly m/v Theresa Hebei), at a gross charter rate of US$24,250 per
day for a period of minimum eleven (11) to maximum thirteen (13)
months.

The charter is expected to commence at the end of January 2010.

The
Company also announced today that it has entered into a time charter
contract with Glencore Grain BV, Rotterdam, for one of its Panamax dry
bulk carriers, the m/v Thetis, at a gross charter rate of US$23,000 per
day for a period of minimum eleven (11) to about thirteen (13) months.
The charter is expected to commence in the middle of March 2010.

These
employments are anticipated to generate approximately US$15.5 million
of gross revenue for the minimum scheduled period of the charters.

The
m/v Melite is a 76,436 dwt Panamax dry bulk carrier built in 2004 and
the m/v Thetis a 73,583 dwt Panamax dry bulk carrier built in 2004.

Diana
Shipping Inc. is a global provider of shipping transportation services.
The Company specializes in transporting dry bulk cargoes, including
such commodities as iron ore, coal, grain and other materials along
worldwide shipping routes.

Source: Diana Shipping Inc.

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