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Latest from Diana Shipping Inc…

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sideris GS FUNNELDIANA SHIPPING INC. ANNOUNCES DELIVERY OF THE NEWLY BUILT CAPESIZE DRY BULK CARRIER M/V G. P. ZAFIRAKIS 

TIME CHARTER CONTRACT FOR M/V MAIA WITH RWE 

ATHENS, GREECE, August 20, 2014 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v “G. P. Zafirakis” (formerly Hull No. BC18.0-50), a 179, 492 dwt newly built Capesize dry bulk vessel that the Company entered into an agreement to purchase in June 2014.

The m/v “G. P. Zafirakis” is time chartered to RWE Supply & Trading GmbH, Essen, Germany, at a gross charter rate of US$25, 250 per day, minus a 5% commission paid to third parties, for a period ending on minimum February 14, 2016 to maximum June 24, 2016. The charter is expected to commence on August 24, 2014.

Additionally, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Kamsarmax dry bulk vessels, the m/v “Maia”. The gross charter rate is US$12, 000 per day minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum sixteen (16) months. Due to scheduled maintenance, the charter is expected to commence by the end of September 2014.

The “Maia” is a 82, 193 dwt Kamsarmax dry bulk vessel built in 2009.

The employments of “G. P. Zafirakis” and “Maia” are anticipated to generate approximately US$17.9 million of gross revenue for the minimum scheduled period of the time charters.

Including the newly delivered m/v “G. P. Zafirakis”, Diana Shipping Inc.’s fleet currently consists of 39 dry bulk vessels (2 Newcastlemax, 11 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the three vessels not yet delivered, is approximately 4.4 million dwt with a weighted average age of 6.69 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 leading global provider of shipping transportation services through its ownership 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.

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