Diana Shipping Inc. Reports Financial Results
for the First Quarter Ended March 31, 2011

ATHENS, GREECE, May 6, 2011 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $33.1 million for the first quarter of 2011, compared to net income of $28.8 million reported in the first quarter of 2010.

Time charter revenues were $69.4 million for the first quarter of 2011, compared to $62.2 million for the same period of 2010, mainly due to the addition to the Company’s fleet of the vessels m/v Melite, m/v New York and m/v Alcmene, delivered in January, March and November 2010, respectively.

Full report at www.dianashippinginc.com

About the Company
Diana Shipping Inc. (NYSE: DSX) 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