Diana Shipping Inc. a global shipping company specializing in the transportation of dry bulk cargoes, announced that it has entered into a time charter contract with Louis Dreyfus Commodities S.A., Geneva, Switzerland, for its Panamax dry bulk carrier, the m/v Dione, at a gross daily rate of US$20,500 for a period of minimum twenty two (22) to maximum twenty six (26) months. The charter is a direct continuation of the previous agreement and will commence at the beginning of September, 2010.

This employment is anticipated to generate approximately US$13.5 million of gross revenue for the minimum scheduled period of the charter.

The m/v Dione is a 75,172 dwt Panamax dry bulk carrier built in 2001.