Diana Shipping Inc. Announces Time Charter Contract
for m/v G. P. Zafirakis with RWE

Athens, Greece - July 7, 2014

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholy owned subsidiary, it entered into a time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Capesize dry bulk vessels, “Hull No. BC18.0-50” (to be named “G. P. Zafirakis”). The gross charter rate is US$25,250 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-two (22) months. The charter is expected to commence upon delivery of the vessel to the Company.

As previously announced on June 27, 2014, the m/v G. P. Zafirakis is a 2014 built Capesize dry bulk vessel of approximately 180,000 dwt that the Company entered into an agreement to purchase in June 2014. The vessel is now expected to be delivered to the Company by the sellers by early August 2014.

This employment is anticipated to generate approximately US$13.6 million of gross revenue for the minimum scheduled period of the time charter.

Excluding the aforementioned vessel, as well as two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel expected to be delivered to the Company during the second quarter of 2016, Diana Shipping Inc.’s fleet currently consists of 38 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). As of today, the combined carrying capacity of our fleet, excluding the four vessels not yet delivered, is approximately 4.21 million dwt with a weighted average age of 6.85 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

About the Company
Diana Shipping Inc. is a leading global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Diana Shipping Inc. press release