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 Rio Tinto Shipping Pty, Ltd., Melbourne, Australia, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v Melia. The gross charter rate is US$9,700 per day, minus a 3.75% commission paid to third parties, for a period of about eleven (11) months to maximum thirteen (13) months. The charter is expected to commence on April 16, 2013.

The Melia is a 76,225 dwt Panamax dry bulk vessel built in 2005.

This employment is anticipated to generate approximately US$3.05 million of gross revenue for the minimum scheduled period of the charter.