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Diana Shipping Inc. Announces Delivery Of The Capesize Dry Bulk Carrier M/v Baltimore

ATHENS, Greece, June 13, 2013 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that the Company, through a separate wholly-owned subsidiary, took delivery of the m/v "Baltimore" (formerly "Tamou"), a 2005 built Capesize dry bulk carrier of 177,243 dwt that the Company entered into an agreement to purchase in April 2013. As previously announced, the m/v "Baltimore" is time chartered to RWE Supply & Trading GmbH, Essen, Germany, at a gross charter rate of US$15,000 per day, minus a 5% commission paid to third parties, for a period of minimum thirty-six (36) months to maximum forty-two (42) months. Due to scheduled maintenance, the vessel is expected to be delivered to the charterers on July 2, 2013.

This employment is anticipated to generate approximately US$16.2 million of gross revenue for the minimum scheduled period of the charter.

Including the newly-delivered m/v "Baltimore", Diana Shipping Inc.'s fleet currently consists of 33 dry bulk carriers (2 Newcastlemax, 9 Capesize, 3 Post-Panamax, 2 Kamsarmax and 17 Panamax). The Company also expects to take delivery of one Panamax vessel during September 2013, 2 new-building Ice Class Panamax vessels during the fourth quarter of 2013 and the first quarter of 2014, and 2 new-building Newcastlemax vessels during the second quarter of 2016. As of today, the combined carrying capacity of our current fleet, excluding the five vessels not yet delivered, is approximately 3.7 million dwt with a weighted average age of 6.3 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 the ownership and operation 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.

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