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 has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Newcastlemax dry bulk vessels, the m/v Los Angeles. The gross charter rate is US$7,750 per day, minus a 5% commission paid to third parties, for a period of about twelve (12) months to about fifteen (15) months. The charter commenced today. The “Los Angeles” is a 206,104 dwt Newcastlemax dry bulk vessel built in 2012. The Company also announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Dampskibsselskabet Norden A/S, Copenhagen, for one of its Panamax dry bulk vessels, the m/v Danae. The gross charter rate is US$4,900 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fifteen (15) months. The charter commenced today. The “Danae” is a 75,106 dwt Panamax dry bulk vessel built in 2001. The employments of “Los Angeles” and “Danae” are anticipated to generate approximately US$4.3 million of gross revenue for the minimum scheduled period of the time charters. Diana Shipping Inc.’s fleet currently consists of 43 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016 as well as one new-building Newcastlemax dry bulk vessel during the fourth quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.0 million dwt with a weighted average age of 7.29 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.