Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that on August 14, 2012, the Company, through a separate wholly-owned subsidiary, took delivery of the m/v “Amphitrite”, a 98,697 dwt newly built Post-Panamax dry bulk carrier.

The Company also announced that, through the same wholly-owned subsidiary, it has entered into a time charter contract with Bunge S.A., Geneva, for the Amphitrite. The gross charter rate is US$10,000 per day, minus a 5% commission paid to third parties, for a period of about twenty-two (22) months to about twenty-six (26) months. The charterer has the option to employ the vessel for a further eleven (11) to fourteen (14) month period at a gross charter rate of US$11,300 per day, less a 5% commission paid to third parties. The charter commenced yesterday and the optional period, if exercised, will start as of the end of the twenty-fourth (24) month.

This employment is anticipated to generate approximately US$6.45 million of gross revenue for the minimum scheduled period of the charter. If the charterer exercises its optional period, the charter is expected to generate an additional US$4.33 million of gross revenue.

Diana Shipping Inc.’s fleet currently consists of 29 dry bulk carriers (17 Panamax, 2 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 2 new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of the Company’s current fleet, excluding the two vessels not yet delivered, is 3.2 million dwt with a weighted average age of 5.8 years.