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Diana Shipping Inc. Announces Time Charter Contract for m/v Leto with Cargill

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Diana Shipping Inc.

Pendelis 16 175 64 Palaio Faliro, Athens, Greece

Original Press Release

Diana Shipping Inc. Announces Time Charter Contract for m/v Leto with Cargill

Press release date: July 17, 2014

ATHENS, Greece - 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 entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Leto. The gross charter rate is US$11,350 per day, minus a 4.75% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence on July 18, 2014.

The "Leto" is a 81,297 dwt Panamax dry bulk vessel built in 2010.

This employment is anticipated to generate approximately US$3.7 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.'s fleet currently consists of 38 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Capesize vessel by early August 2014 as well as two new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the four vessels not yet delivered, is approximately 4.21 million dwt with a weighted average age of 6.88 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.

Contact: Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com

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