Diana Shipping Inc. Reports Financial Results for the
Fourth Quarter and Year Ended December 31, 2011

ATHENS, GREECE, February 28, 2012

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today reported net income of $20.2 million for the fourth quarter of 2011, compared to net income of $32.3 million reported in the fourth quarter of 2010.

Time charter revenues were $57.4 million for the fourth quarter of 2011, compared to $73.0 million for the same period of 2010, mainly due to reduced time charter rates and the deconsolidation of Diana Containerships Inc., in January 2011. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the Company’s fleet of the vessels Alcmene and Arethusa in November 2010 and July 2011, respectively. Net income to Diana Shipping Inc. for 2011 amounted to $107.5 million, compared to net income of $128.8 million for 2010. Time charter revenues were $255.7 million for 2011, compared to $275.4 million for 2010.

Full report at: www.dianashippinginc.com

About the Company
Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-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