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Athens, Greece - May 8, 2023 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 Smart Gain Shipping Co., Limited, for one of its Capesize dry bulk vessels, the m/v Santa Barbara. The gross charter rate is US$21,250 per day, minus a 5% commission paid to third parties, for a period until minimum October 10, 2024 up to maximum December 10, 2024. The charter commenced on May 7, 2023. The "Santa Barbara" is a 179,426 dwt Capesize 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 Aquavita International S.A., for one of its Post-Panamax dry bulk vessels, the m/v Phaidra. The gross charter rate is US$12,250 per day, minus a 4.75% commission paid to third parties, for a period until minimum September 1, 2024 up to maximum November 15, 2024. The charter is expected to commence tomorrow. The "Phaidra" is a 87,146 dwt Post-Panamax dry bulk vessel built in 2013. The employments of "Santa Barbara" and "Phaidra" are anticipated to generate approximately US$16.71 million of gross revenue for the minimum scheduled period of the time charters. Diana Shipping Inc.'s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 10 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 10 Ultramax). As of today, the combined carrying capacity of our fleet, is approximately 4.7 million dwt with a weighted average age of 10.05 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 
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