Diana Shipping Inc. Announces Time Charter Contracts for m/v DSI Aquila with Western Bulk and m/v Houston with EGPN

Athens, Greece - November 18, 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 Western Bulk Carriers AS, for one of its Ultramax dry bulk vessels, the m/v DSI Aquila.

The gross charter rate is US$13,300 per day, minus a 5% commission paid to third parties, for a period until minimum September 15, 2023 up to maximum November 15, 2023. The charter is expected to commence on November 22, 2022.

The "DSI Aquila" is a 60,309 dwt Ultramax dry bulk vessel built in 2015.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with EGPN Bulk Carrier Co., Limited, for one of its Capesize dry bulk vessels, the m/v Houston.

The gross charter rate is US$13,000 per day, minus a 5% commission paid to third parties, for a period until minimum July 1, 2024 up to maximum August 31, 2024. The charter is expected to commence on November 21, 2022.

The "Houston" is a 177,729 dwt Capesize dry bulk vessel built in 2009.

The employments of "DSI Aquila" and "Houston" are anticipated to generate approximately US$11.44 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.'s fleet currently consists of 40 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 6 Ultramax).

The Company also expects to take delivery of 3 Ultramax dry bulk vessels in the fourth quarter of 2022.

As of today, the combined carrying capacity of our fleet, excluding the 3 Ultramax dry bulk vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 10.17 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