Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has entered into a time charter contract with RWE Supply & Trading GmbH, Essen, Germany, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v Tamou .

As previously announced on April 9, 2013, the above mentioned vessel is a 2005 built Capesize dry bulk carrier of 177,243 dwt that the Company entered into an agreement to purchase in April 2013. The vessel is expected to be delivered to the Company by the sellers at the end of May 2013.

Due to scheduled maintenance, the vessel is expected to be delivered to the charterers in the middle of June 2013 at a rate of US$9,000 per day, minus a 5% commission paid to third parties, for a period commencing upon delivery of the vessel to the charterers until June 30, 2013. Commencing on July 1, 2013 and for a period of minimum thirty-six (36) months to maximum forty-two (42) months, the gross charter rate will be US$15,000 per day minus a 5% commission paid to third parties. This employment is anticipated to generate approximately US$16.3 million of gross revenue for the minimum scheduled period of the charter.

Including the aforementioned vessel Diana Shipping Inc.'s fleet currently consists of Panama 33 dry bulk carriers (2 Newcastlemax, 9 Capesize, 3 Post-Panamax, 2 Kamsarmax and 17 Panamax) 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 our current fleet, excluding the three vessels not yet delivered, is approximately 3.5 million dwt with a weighted average age of 6.2 years.