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Diana Shipping Inc. Announces the Acquisition of a New-Building Kamsarmax Dry Bulk Carrier

Diana Shipping Inc. Announces the Acquisition of a New-Building Kamsarmax Dry
Bulk Carrier

Signing and Drawdown of a US$20 Million Term Loan Facility With Nordea Bank

ATHENS, Greece, Dec. 21, 2012 (GLOBE NEWSWIRE) -- Diana Shipping Inc.
(NYSE:DSX), a global shipping company specializing in the ownership and
operation of dry bulk vessels, announced that on December 20, 2012 it signed,
through a separate wholly-owned subsidiary, a Memorandum of Agreement to
acquire a new-building Kamsarmax dry bulk carrier of 82,131 dwt, built by
Tsuneishi Shipbuilding Co., Ltd., Japan, from an unaffiliated third party
seller for a purchase price of US$26.5 million. The vessel, to be named
"Myrto", is expected to be delivered to the Company by the sellers at the end
of January 2013.

Separately, the Company also announced that yesterday it signed, through two
separate wholly owned subsidiaries, a term loan facility with Nordea Bank
Finland Plc, London Branch, and today completed the drawdown of US$20 million.
The purpose of this facility is to partially finance the acquisition costs of
the two newly built Post-Panamax dry bulk carriers, the m/v "Amphitrite" and
m/v "Polymnia", which were delivered to the Company on August 14, 2012 and
November 20, 2012, respectively.

Including the "Myrto", Diana Shipping Inc.'s fleet currently consists of 31
dry bulk carriers (17 Panamax, 1 Kamsarmax, 3 Post-Panamax, 8 Capesize and 2
Newcastlemax), as well as 2 new-building Ice Class Panamax vessels expected to
be delivered to the Company during the fourth quarter of 2013. As of today,
the combined carrying capacity of our current fleet, excluding the three
vessels not yet delivered, is approximately 3.4 million dwt with a weighted
average age of 6.0 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.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast," "project,"
"plan," "potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for dry bulk shipping capacity, changes
in our operating expenses, including bunker prices, drydocking and insurance
costs, the market for our vessels, availability of financing and refinancing,
changes in governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation, general
domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns and
instances of off-hires and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.

CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Executive Vice-President and Secretary
         Telephone: + 30-210-947-0100
         Email: izafirakis@dianashippinginc.com
        
         Investor and Media Relations:
         Edward Nebb
         Comm-Counsellors, LLC
         Telephone: + 1-203-972-8350
         Email: enebb@optonline.net
 
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