Diana Shipping Inc. Announces Delivery of the Ultramax Dry Bulk Vessel m/v DSI Andromeda and Time Charter Contract for m/v DSI Polaris with ASL

Athens, Greece - November 14, 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 taken delivery of the m/v DSI Andromeda (formerly "STH Tokyo"), a 2016 built Ultramax dry bulk vessel of 60,309 dwt.

The vessel is one of nine modern Ultramax dry bulk vessels that the Company entered into an agreement to purchase in August 2022.

The Company also 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 Polaris.

The gross charter rate is US$13,100 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty (20) months. The charter commenced on November 12, 2022.

The "DSI Polaris" is a 60,404 dwt Ultramax dry bulk vessel built in 2018.

The employment of "DSI Polaris" is anticipated to generate approximately US$7.07 million of gross revenue for the minimum scheduled period of the time charter.

Including the newly delivered m/v DSI Andromeda, Diana Shipping Inc.'s fleet currently consists of 39 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 5 Ultramax). The Company also expects to take delivery of 4 Ultramax dry bulk vessels in the fourth quarter of 2022.

As of today, the combined carrying capacity of our fleet, excluding the 4 Ultramax dry bulk vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 10.20 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