Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Myrsini with RWE and Time Charter Contracts for m/v Electra with Uniper, m/v Alcmene with Cargill, m/v Oceanis and m/v Triton with Ausca

Athens, Greece - June 9, 2017

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 agreed to extend the present time charter contract with RWE Supply & Trading GmbH, Essen, Germany, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini. The gross charter rate is US$8,650 per day minus a 5% commission paid to third parties, for a period until minimum August 31, 2018 and maximum December 31, 2018. The new charter period commenced yesterday.

The “Myrsini” is a 82,117 dwt Kamsarmax dry bulk vessel built in 2010.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen (13) months to maximum seventeen (17) months. The charter is expected to commence on June 11, 2017.

The “Electra” is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.

In addition, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Post-Panamax dry bulk vessels, the m/v Alcmene. The gross charter rate is US$8,000 per day, minus a 4.75% commission paid to third parties, for a period of minimum thirteen (13) months to about sixteen (16) months. The charter commenced yesterday.

The “Alcmene” is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010.

Furthermore, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Oceanis. The gross charter rate is US$7,000 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen (14) months to about seventeen (17) months. The charter commenced on May 30, 2017.

The “Oceanis” is a 75,211 dwt Panamax dry bulk vessel built in 2001.

Finally, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Triton. The gross charter rate is US$6,500 per day, minus a 5% commission paid to third parties, for a period of minimum thirteen (13) months to about sixteen (16) months. The charter commenced yesterday.

The “Triton” is a 75,336 dwt Panamax dry bulk vessel built in 2001.

The employment extension of “Myrsini” and the employments of “Electra”, “Alcmene”, “Oceanis” and “Triton” are anticipated to generate approximately US$15.61 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 51 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.9 million dwt with a weighted average age of 7.86 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.

Diana Shipping Inc. press release