Diana Shipping Inc. Announces Time Charter Contracts for m/v Amphitrite with Cobelfret, m/v Crystalia with Reachy and m/v DSI Phoenix with ASL

Athens, Greece - November 7, 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 a separate wholly-owned subsidiary, it has entered into a time charter contract with Cobelfret S.A., for one of its Post-Panamax dry bulk vessels, the m/v Amphitrite. The gross charter rate is US$14,250 per day, minus a 5% commission paid to third parties, for a period until minimum December 1, 2023 up to maximum February 15, 2024. The charter is expected to commence on November 10, 2022.

The "Amphitrite" is a 98,697 dwt Post-Panamax dry bulk vessel built in 2012.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Reachy Shipping (SGP) Pte. Ltd., for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia. The gross charter rate is US$12,500 per day, minus a 5% commission paid to third parties, for a period until minimum September 1, 2023 up to maximum October 15, 2023. The charter is expected to commence on November 8, 2022.

The "Crystalia" is a 77,525 dwt Ice Class Panamax dry bulk vessel built in 2014.

In addition, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ASL Bulk Marine Limited, for one of its Ultramax dry bulk vessels, the m/v DSI Phoenix. The gross charter rate is US$13,250 per day, minus a 5% commission paid to third parties, for a period of minimum sixteen (16) months to maximum eighteen (18) months. The charter commenced on November 4, 2022.

The "DSI Phoenix" is a 60,456 dwt Ultramax dry bulk vessel built in 2017.

The employments of "Amphitrite", "Crystalia" and "DSI Phoenix" are anticipated to generate approximately US$15.45 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.'s fleet currently consists of 37 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 3 Ultramax). The Company also expects to take delivery of 6 Ultramax dry bulk vessels in the fourth quarter of 2022. As of today, the combined carrying capacity of our fleet, excluding the 6 Ultramax dry bulk vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 10.30 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