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Diana Shipping Inc. Announces Time Charter Contract For m/v Naias With Bunge

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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 Bunge S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Naias, for a period of minimum eleven (11) months to maximum fourteen (14) months. The gross charter rate for the first 30 days of the charter period is US$5,500 per day minus a 5% commission paid to third parties and US$8,500 per day minus a 5% commission paid to third parties for the balance of the charter. The charter is expected to commence on August 2, 2014.

The "Naias" is a 73,546 dwt Panamax dry bulk vessel built in 2006.

This employment is anticipated to generate approximately US$2.71 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 mid 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 6.92 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.

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