DIANA SHIPPING INC. ANNOUNCES LONG-TERM TIME CHARTER
CONTRACT FOR MV NIREFS WITH COSCO BULK

ATHENS, GREECE February 22, 2008 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today announced that it has entered into a long-term time charter contract with Cosco Bulk Carrier Co. Ltd, Tianjin for one of its Panamax dry bulk carriers, the Nirefs, at a gross rate of US$60,500 per day for a minimum twenty three (23) to a maximum twenty five (25) month period.

This employment is anticipated to generate approximately US$42 million of gross revenues for the minimum scheduled period of the charter. The charter is expected to commence in the beginning of March, 2008.

The Nirefs is a 75,311 dwt Panamax dry bulk carrier built in 2001.

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