Diana Shipping Inc. Announces Delivery of Capesize Bulk Carrier

ATHENS, GREECE, February 12, 2008 - Diana Shipping Inc. (NYSE: DSX), a global shipping transportation company specializing in dry bulk cargoes, today announced that the Company has taken delivery of the 164,218, dwt Capesize dry bulk carrier “Thalassini Kyra”, renamed “Norfolk”, built in 2002 by China Shipbuilding Corporation, Kaohsiung Shipyard. The agreement to purchase this vessel was originally announced on October 17, 2007.

As previously announced, “Norfolk” was purchased for US$135 million and is chartered as of February 12, 2008 to Corus UK Ltd., as agents on behalf of Corus Staal B.V., for a period of minimum 59 to maximum 61 months, at a daily rate of US$74,750 less 3.75% commission. Current employment is anticipated to generate approximately US$133 million of gross revenues for the Company over the minimum scheduled period of the charter.

Including the newly-delivered “Norfolk”, the Diana Shipping Inc. fleet currently consists of 19 dry bulk carriers (13 Panamax and 6 Capesize) with a weighted average age of 3.4 years only. The Company also previously announced two Capesize new-building dry bulk carriers that are expected to be delivered during the second quarter of 2010. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com.

About the Company
Diana Shipping Inc. is a global provider of shipping transportation services. The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Diana Shipping Inc