Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, announced that it has entered into a long-term time charter contract with COSCO Bulk Carrier Co., Ltd, Tianjin for one of its Panamax dry bulk carriers, the Nirefs, at a gross rate of US$60,500 per day for a minimum twenty three (23) to a maximum twenty five (25) month period.

This employment is anticipated to generate approximately US$42 million of gross revenues for the minimum scheduled period of the charter. The charter is expected to commence in the beginning of March, 2008.

The Nirefs is a 75,311 dwt Panamax dry bulk carrier built in 2001.

Diana Shipping Inc. is a global provider of shipping transportation services. The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.