Diana Shipping Inc. Signs Shipbuilding Contracts for
the Purchase of Two Newcastlemax Dry Bulk Carriers

ATHENS, Greece, April 13, 2010 - Diana Shipping Inc. (NYSE:DSX), a global shipping transportation company specializing in dry bulk cargoes, today announced that it has signed, through its 100% owned subsidiaries, two shipbuilding contracts with China Shipbuilding Trading Company, Limited and Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd for the construction of two Newcastlemax dry bulk carriers of approximately 206,000 dwt each for a contract price of US$59 million per vessel. The Company expects to take delivery of the vessels during the second and third quarters of 2012, respectively. The Company is considering obtaining pre- and/or post-delivery financing for the specific acquisitions.

About the Company
Diana Shipping Inc. is a global provider of shipping transportation services. The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Diana Shipping Inc. press release