Diana Shipping Inc. Announces Sale and Leaseback of m/v New Orleans and m/v Santa Barbara

Athens, Greece - August 17, 2022

Diana Shipping Inc. (NYSE: DSX), (the "Company"), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through two separate wholly-owned subsidiaries, it has entered into two sale and leaseback agreements with two unaffiliated Japanese third parties for the 2015-built Capesize dry bulk vessel, m/v New Orleans, and the 2015-built Capesize dry bulk vessel, m/v Santa Barbara.

Upon completion of the transactions, which are estimated to take place by the end of the third quarter of 2022, the Company's gross proceeds will be US$66.4 million (US$33.2 million each).

As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years and have purchase options beginning at the end of the third year of their bareboat charter period.

Upon completion of the previously announced sale of the m/v Baltimore and the acquisition of the nine dry bulk vessels, Diana Shipping Inc.'s fleet will consist of 43 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 9 Ultramax).

As of today, the combined carrying capacity of the Company's fleet, including the m/v Baltimore and excluding the nine dry bulk vessels not yet delivered, is approximately 4.5 million dwt with a weighted average age of 10.55 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 global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels.

The Company's vessels are employed primarily on short to medium-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