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Athens, Greece - March 11, 2021 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 entered into a time charter contract with Olam International Limited, Singapore, for one of its Newcastlemax dry bulk vessels, the m/v San Francisco, for a period until minimum January 15, 2022 up to maximum March 15, 2022. The gross charter rate is US$17,750 per day for the first one hundred five (105) days of the charter period and US$24,700 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties. The charter commenced retroactively on February 11, 2021. The m/v San Francisco was chartered, as previously announced, to Koch Shipping Pte. Ltd., Singapore, at a gross charter rate of US$16,000 per day, minus a 5% commission paid to third parties. The “San Francisco” is a 208,006 dwt Newcastlemax dry bulk vessel built in 2017. The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Solebay Shipping Cape Company Limited, Hong Kong, for one of its Capesize dry bulk vessels, the m/v Aliki. The gross charter rate is US$20,500 per day, minus a 5% commission paid to third parties, for a period until minimum January 15, 2022 up to maximum March 15, 2022. The charter is expected to commence on March 19, 2021. The m/v Aliki is currently chartered, as previously announced, to Koch Shipping Pte. Ltd., Singapore, at a gross charter rate of US$11,300 per day, minus a 5% commission paid to third parties. The “Aliki” is a 180,235 dwt Capesize dry bulk vessel built in 2005. The employments of “San Francisco” and “Aliki” are anticipated to generate approximately US$13.56 million of gross revenue for the minimum scheduled period of the time charters. Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Oceanis, Diana Shipping Inc.’s fleet will consist of 37 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 11 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Oceanis, is approximately 4.8 million dwt with a weighted average age of 10.21 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 
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