JULY 11, 2012 —Athens-headquarterd Diana Shipping Inc. (NYSE: DSX), reports that it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk carriers, the 73,630 dwt, 2004-built m/v Protefs, at a gross charter rate of US$9,000 per day, minus a 5 percent commission paid to third parties, for a period of minimum twenty-four (24) months to maximum twenty-nine (29) months. The charter is expected to commence in mid-August 2012.

This employment is anticipated to generate approximately US$6.5 million of gross revenue for the minimum scheduled period of the charter.

The Protefs is a 73,630 dwt Panamax dry bulk vessel built in 2004.

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