Home Banking Diana Shipping Inc. Announces Signing of a US$39, 682, 500 Term Loan Facility with ING Bank and Subsequent Drawdown of US$11, 732, 500

Diana Shipping Inc. Announces Signing of a US$39, 682, 500 Term Loan Facility with ING Bank and Subsequent Drawdown of US$11, 732, 500

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sideris GS FUNNELATHENS, GREECE, October 8, 2015 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that on September 30, 2015 it signed, through two separate wholly-owned subsidiaries, a term loan facility for up to US$39, 682, 500 with ING Bank N.V., London Branch. The proceeds will be used to partially finance the acquisition costs of one of its Kamsarmax dry bulk vessels, the m/v Medusa, that was delivered to the Company on June 1, 2015 and of a Capesize dry bulk vessel (Hull No. H1364, to be named “New Orleans”) currently under construction, that is expected to be delivered to the Company by the end of October 2015. Yesterday, it completed a drawdown of US$11, 732, 500 secured by the vessel “Medusa”.

Diana Shipping Inc.’s fleet currently consists of 41 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Capesize dry bulk vessel by the end of October 2015, one new-building Newcastlemax dry bulk vessel during the second quarter of 2016, as well as one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 7.5 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 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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