DIANA SHIPPING INC. ANNOUNCES RESULTS OF
2008 ANNUAL GENERAL MEETING OF SHAREHOLDERS

ATHENS, GREECE May 13, 2008 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, announced today that the Company’s Annual General Meeting of Shareholders was duly held on May 6, 2008, in Zurich, Switzerland pursuant to a Notice of Annual Meeting of Shareholders dated March 31, 2008. Mellon Investors Services, LLC acted as inspector of the Meeting.

At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company’s Proxy Statement sent to Shareholders on or around March 31, 2008, were approved and adopted:

(1) The re-election of Mr. Boris Nachamkin and Mr. Apostolos Kontoyannis as Class III Directors of the Company, to serve until the 2011 Annual Meeting of Shareholders;

(2) The appointment of Ernst & Young (Hellas) as the Company's independent auditors for the fiscal year ending December 31, 2008;

(3) The amendment of the Company’s Amended and Restated Articles of Incorporation to establish the quorum for all Shareholder meetings at 33 1/3 percent; and

(4) The amendment of the Company’s Amended and Restated Articles of Incorporation to increase the Company’s authorized share capital from 100 million shares of common stock to an aggregate of 200 million shares of common stock, par value $0.01 per share.

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