UPDATE 1-Diana Shipping to spin off containership unit

* Will distribute 80 pct of stake in Diana Containerships

* Says shareholders will own 44 pct of unit after spin-off

Dec 23 (BestGrowthStock) – Greek drybulk carrier Diana Shipping Inc
(DSX.N: ) said it will spin off 80 percent of its current
interest in its containership unit.

The Athens, Greece-based company, which has a 55 percent
interest in Diana Containerships, said it will distribute about
2.7 million shares of the unit.

The company said Diana Containerships common stock is
expected to begin regular trading on Nasdaq on January 19, 2011
under the symbol “DCIX”.

The company said its shareholders will own about 44 percent
of Diana Containerships immediately after the distribution on
Jan. 18.

Shares of Diana Shipping closed at $12.94 on Wednesday on
the New York Stock Exchange.
(Reporting by Soham Chatterjee in Bangalore; Editing by
Joyjeet Das)

UPDATE 1-Diana Shipping to spin off containership unit