Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, announced that through a separate wholly-owned subsidiary, it entered into a time charter contract with Clearlake Shipping Pte., Ltd., Singapore, a member of the Gunvor Group, for one of its Capesize dry bulk vessels, the m/v Houston. The gross charter rate is US$20,500 per day, minus a 4.75% commission paid to third parties, for a period of about eleven months to about fourteen months.

The Houston is a 177,729 dwt Capesize dry bulk vessel built in 2009. This employment is anticipated to generate approximately US$6.5 million of gross revenue for the minimum scheduled period of the charter.

As the Company previously announced on November 27, 2013, the Houston was redelivered to the owner by the previous charterer when it purported to terminate the charter early.