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 BHP Billiton Marketing AG of Baar,

Switzerland, for its Capesize dry bulk carrier, the m/v Sideris GS, at a gross daily rate of US$30,500 for a period of minimum twenty eight (28) to maximum thirty two (32) months. The charter is a direct continuation of the previous agreement and will commence on October 16, 2010.

This employment is anticipated to generate approximately US$26 million of gross revenue for the minimum scheduled period of the charter.

The m/v Sideris GS is a 174,186 dwt Capesize dry bulk carrier built in 2006.