Diana Enters Time Charter Contract for MV Coronis

Diana Shipping Inc. has entered into a time charter contract with Bottiglieri di Navigazione for its Panamax dry bulk carrier, the MV Coronis, for a minimum of 23 to a maximum of 25 months at a gross daily charter hire rate of $27,500. The charter is expected to commence on february 27, 2007. This employment is expected to generate approximately $18.5m of gross revenues during the minimum 23 month period of the charter. The MV Coronis is a 74,381 dwt Panamax dry bulk carrier built in 2006.