Diana Shipping Inc. Announces the Delivery of the
Kamsarmax Dry Bulk Carrier m/v Myrsini

Athens, Greece - October 10, 2013

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it took delivery of the m/v “Myrsini” (formerly “Stefania Lembo”), a 2010 built Kamsarmax dry bulk vessel of 82,117 dwt. The acquisition of this vessel was originally announced on September 23, 2013.

M/V “Myrsini” (formerly “Stefania Lembo”), a 2010 built, 82,117 dwt kamsarmax dry bulk ship

The “Myrsini” is time chartered to Clearlake Shipping Pte. Ltd., Singapore, at a gross charter rate of US$15,500 per day, minus a 4.75% commission paid to third parties, for a period of minimum four (4) months to about six (6) months. The charter is expected to commence tomorrow.

This employment is anticipated to generate approximately US$1.9 million of gross revenue for the minimum scheduled period of the charter.

Including the newly delivered “Myrsini”, Diana Shipping Inc.’s fleet currently consists of 35 dry bulk vessels (2 Newcastlemax, 9 Capesize, 3 Post-Panamax, 3 Kamsarmax and 18 Panamax). The Company also expects to take delivery of a secondhand Capesize dry bulk vessel in mid-November 2013, 2 new-building Ice Class Panamax dry bulk vessels between the fourth quarter of 2013 and the first quarter of 2014, and 2 new-building Newcastlemax dry bulk vessels during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the five vessels not yet delivered, is approximately 3.9 million dwt with a weighted average age of 6.6 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 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