Diana Shipping Inc. has extended the present time charter contract with Rio Tinto Shipping Asia Pte. Ltd. for one of its Capesize dry bulk vessels, the m/v Sideris GS, for a period of minimum 13 months to about 18 months. The gross charter rate is $6,500 per day minus a 5% commission paid to third parties.

The new charter period is expected to commence on December 22, 2015. The 'Sideris GS' is a 174,186 dwt Capesize dry bulk vessel built in 2006. The employment extension of 'Sideris GS' is anticipated to generate approximately $2.54 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.'s fleet currently consists of 43 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016 as well as one new-building Newcastlemax dry bulk vessel during the fourth quarter of 2016.