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Diana’s new acquisitions

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ATHENS, GREECE, April 28, 2015 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that on April 27, 2015 it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party the m/v Torm Island, a 2010 built Kamsarmax dry bulk vessel of 82, 194 dwt, for a purchase price of US$18.05 million. The vessel (to be renamed “Medusa”) is expected to be delivered to the buyer during the second quarter of 2015.

The Company also announced that it signed, through a separate wholly-owned subsidiary, an agreement to acquire from a different unaffiliated third party a new-building Capesize dry bulk vessel of approximately 180, 000 dwt, being built by Shanghai Waigaoqiao Shipbuilding Co., Ltd., for a purchase price of US$43.0 million. The vessel, “Hull No. H1364” (to be named “New Orleans”), is expected to be delivered to the buyer during August 2015.

The second transaction is subject to final negotiation and execution of a novation agreement among the builders, the buyer and the seller.

Excluding the newly acquired vessels, as well as two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel expected to be delivered to the Company during the second quarter of 2016, Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). As of today, the combined carrying capacity of the Company’s fleet, excluding the five vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 7.1 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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