Diana Shipping Inc. (NYSE: DSX) operates a modern fleet of 22 dry cargo vessels, consisting of 14 panamax size vessels and 8 cape size vessels. All of the company’s cape size vessels are currently employed in medium to long-term time charters. Four time charters have options attached giving Charterers the right to extend the duration of each contract for an extra year at gross rates ranging between $48,500 to $52,000 per day. Three of those options are expiring (i.e. need to be declared) in May, October & December of 2010 respectively. Given that today the 12-month time charter rate for cape size vessels is approximately $35,000 per day, we do not expect Charterers to exercise the May option. But it will be interesting to see the fate of the October & December options.