DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE FIRST QUARTER ENDED MARCH 31, 2008
DECLARES CASH DIVIDEND OF $0.85 PER SHARE
FOR THE FIRST QUARTER

ATHENS, GREECE, May 14, 2008 – Diana Shipping Inc. (NYSE: DSX), a global shipping transportation company specializing in dry bulk cargoes, today reported net income of $53.2 million for the first quarter of 2008. This compared to net income of $21.4 million reported in the first quarter of 2007.

Voyage and time charter revenues were $78.9 million for the first quarter of 2008, compared to $38.5 million for the same period of 2007, due to an increase in prevailing time charter rates and the increase in operating days due to the enlargement of the Company’s fleet.

Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.85 per share, based on its results of operations during the first quarter ended March 31, 2008. The cash dividend will be payable on or about June 5, 2008 to shareholders of record as of May 28, 2008. The Company has 74.4 million shares of common stock outstanding.

Chairman and Chief Executive Officer’s Comments
“This is certainly our strongest quarter ever and we believe that results for the remainder of the year will be equally strong, based on the fact that we have already secured $241 million to $247 million in revenues for the 95% to 97% of the operating days remaining for the year 2008. It should be noted that for the entire same period last year the gross revenues were $152 million. Our shareholders are being rewarded through the dividends for actively participating in the dry bulk industry today. Our latest dividend declaration of $0.85 per share is confirmation of the present favourable market conditions, but more importantly we believe that it also reflects the outcome of our prudent vessel acquisition and chartering strategy,” said Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping.

Conference Call and Webcast Information
Diana Shipping Inc. will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Daylight Time) on Wednesday, May 14, 2008.

Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. The webcast also is accessible at www.viavid.net, by clicking on the Diana Shipping link under “Events”. The conference call also may be accessed by telephone by dialing 1-800- 762-9441 (for U.S.-based callers) or 1-480-629-9041 (for international callers). A replay of the webcast will be available soon after the completion of the call and will be accessible on both www.dianashippinginc.com and www.viavid.net. A telephone replay will be available by dialing 1-800- 406-7325 (for U.S.-based callers) or 1-303-590-3030 (for international callers); callers must use the PIN number 3866085.

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