Diana Enters Time Charter Contract with Clearlake

Diana Shipping Inc., through a separate wholly-owned subsidiary, has 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 New  York.

The gross charter rate is $12,850 per day minus a 4.75%  commission paid to third parties, for a period of minimum 14 months to maximum 18 months. The charter is expected  to commence on December 18, 2014.

The New York is a 177,773 dwt Capesize dry bulk vessel built in 2010.

This employment is anticipated to generate approximately $5.4  million of gross revenue for the minimum scheduled period of the time charter.