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 vessels, the m/v Shoyo (to be renamed Artemis). The gross charter rate is US$9,375 per day, minus a 3.75% commission paid to third parties, for a period of minimum twenty-two months to maximum twenty-six months. The charter is expected to commence upon delivery of the vessel to the Company.

As previously announced on May 28, 2013, the above mentioned vessel is a 2006 built Panamax dry bulk vessel of 76,942 dwt that the Company entered into an agreement to purchase in May 2013. The vessel is now expected to be delivered to the Company by the sellers at the beginning of September, 2013.

This employment is anticipated to generate approximately US$6.2 million of gross revenue for the minimum scheduled period of the charter.