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Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2013

Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six
Months Ended June 30, 2013

ATHENS, Greece, July 30, 2013 (GLOBE NEWSWIRE) -- Diana Shipping Inc.
(NYSE:DSX), a global shipping company specializing in the ownership and
operation of dry bulk vessels, today reported a net loss of $5.2 million for
the second quarter of 2013, compared to net income of $17.4 million reported
in the second quarter of 2012.

Time charter revenues were $40.0 million for the second quarter of 2013,
compared to $57.6 million for the same quarter of 2012, mainly due to reduced
time charter rates. The decrease in time charter revenues was partly offset by
revenues derived from the increase in ownership days resulting from the
addition to the Company's fleet of the vessels Philadelphia and Melia,
delivered in May 2012; Amphitrite, delivered in August 2012; Polymnia,
delivered in November 2012; Myrto, delivered in January 2013; and Maia,
delivered in February 2013.

Net loss for the six months ended June 30, 2013 amounted to $8.4 million,
compared to net income of $37.3 million for the same period of 2012. Time
charter revenues were $82.6 million for the six months ended June 30, 2013,
compared to $115.2 million for the same period of 2012.

  Fleet Employment Profile (As of July 30, 2013)                                        
  Currently Diana's fleet is employed as follows:                                       
                                                                                       
  Vessel         Sister Gross                     Delivery  Redelivery Date          
                         Rate                        Date
                         (USD                        to
  BUILT DWT     Ships* Per     Com** Charterer     Charterer to Owners***        Notes 
                         Day)
  Panamax Bulk Carriers                                                                 
                                       Intermare               10-Sep-14 -
1  DANAE          A      $8,250  5.00% Transport     10-Mar-13 10-Jan-15                
                                       GmbH, Hamburg
  2001  75,106                                                                  
2  DIONE          A      $9,700  5.00% EDF Trading   19-Jul-12 19-Jul-14 -              
                                       Limited, UK             19-Dec-14
  2001  75,172                                                                  
                                       Intermare               29-Jul-14 -
3  NIREFS         A      $8,000  5.00% Transport     29-Jan-13 29-Jan-15                
                                       GmbH, Hamburg
  2001  75,311                                                                  
4  ALCYON         A      $7,750  5.00% EDF Trading   21-Dec-12 21-Nov-14 -              
                                       Limited, UK             21-May-15
  2001  75,247                                                                  
                                       Resource
5  TRITON         A      $19,500 4.75% Marine Pte.,  11-Dec-10 11-Nov-13 -         1     
                                       Ltd,                    11-Feb-14
                                       Singapore
  2001  75,336                                                                  
                                       Ultrabulk
6  OCEANIS        A      $9,250  5.00% A/S,          14-Aug-12 14-Jan-14 -              
                                       Copenhagen,             14-Jul-14
                                       Denmark
  2001  75,211                                                                  
7  THETIS         B      $10,500 5.00% EDF Trading   22-Feb-12 22-Aug-13 -              
                                       Limited, UK             22-Jun-14
  2004  73,583                                                                  
                                       Cargill                 14-Sep-14 -
8  PROTEFS        B      $9,000  5.00% International 14-Sep-12 14-Feb-15                
                                       S.A., Geneva
  2004  73,630                                                                  
                                       Louis Dreyfus
9  CALIPSO        B      $12,250 5.00% Commodities   11-Oct-11 29-Jul-13                
                                       Suisse S.A.,
                                       Geneva
                                       Cargill                 29-Apr-15 -
                      $8,100  4.75% International 29-Jul-13 29-Aug-15           2     
                                       S.A., Geneva
  2005  73,691                                                                  
                                       Cargill
10 CLIO           B      $10,750 5.00% International 22-Feb-12 22-Aug-13           3     
                                       S.A., Geneva
                      $8,600  4.75%              22-Aug-13 22-May-15 -         4     
                                                               22-Aug-15
  2005  73,691                                                                  
                                       Ultrabulk
11 NAIAS          B      $9,250  5.00% A/S,          2-Sep-12  2-Feb-14 - 2-Aug-14      
                                       Copenhagen,
                                       Denmark
  2006  73,546                                                                  
                                       Cargill
12 ARETHUSA       B      $7,300  5.00% International 22-Nov-12 22-May-1422-Nov-14 5     
                                       S.A., Geneva
  2007 73,593                                                                  
                                       Cargill
13 ERATO          C      $6,500  5.00% International 9-Jan-13  9-Jul-14 - 9-Jan-15      
                                       S.A., Geneva
  2004  74,444                                                                  
14 CORONIS        C      $10,600 5.00% EDF Trading   12-Mar-12 27-Nov-13 -              
                                       Limited, UK             27-Jun-14
  2006  74,381                                                                  
                                       Cargill
15 MELITE         D      $7,750  5.00% International 28-Dec-12 1-Jul-14 - 1-Jan-15      
                                       S.A., Geneva
  2004  76,436                                                                  
                                       STX Panocean
16 MELIA          D      $10,900 5.00% Co., Ltd.,    2-May-12  17-Apr-13                
                                       Seoul
                                       Rio Tinto
                                  Shipping Pty, 17-Apr-13 2-Mar-14 -               
                                       Ltd.,                   17-May-14
                                       Melbourne
  2005  76,225        $9,700  3.75%                                               
17 SHOYO                --      --    --            --        -- -- --            6     
  (tbr ARTEMIS)                                                                  
  2006  76,942                                                                  
18 LETO                 $12,900 5.00% EDF Trading   17-Jan-12 17-Jan-14 -              
                                       Limited, UK             17-Nov-14
  2010  81,297                                                                  
                                                                                       
  Kamsarmax Bulk Carriers                                                               
                                       Glencore                12-Aug-14 -
19 MAIA           E      $10,900 5.00% Grain B.V.,   27-Feb-13 27-Feb-15                
                                       Rotterdam
  2009  82,193                                                                  
                                       Cargill                 25-Jul-14 -
20 MYRTO          E      $9,000  5.00% International 25-Jan-13 25-Jan-15                
                                       S.A., Geneva
  2013  82,131                                                                  
                                                                                       
  Post-Panamax Bulk Carriers                                                            
                                       ADM
21 ALCMENE              $7,250  5.00% International 22-Feb-13 7-Aug-14 -               
                                       Sarl, Rolle,            22-Feb-15
                                       Switzerland
  2010  93,193                                                             
22 AMPHITRITE           $10,000 5.00% Bunge S.A.,   15-Aug-12 31-May-14 -         7     
                                       Geneva                  30-Oct-14
  2012  98,697                                                                  
                                       Augustea
                                       Bunge                   16-Jul-14 -
23 POLYMNIA             $7,600  5.00% Maritime      16-Jan-13 16-Jan-15           8     
                                       Limited,
                                       Malta
  2012  98,704                                                                  
                                                                                       
  Capesize Bulk Carriers                                                                
                                       Clearlake
24 NORFOLK              $10,700 4.50% Shipping Pte. 16-Jan-13 16-Jul-14 -              
                                       Ltd.,                   16-Jan-15
                                       Singapore
  2002  164,218                                                                 
                                       Minmetals
25 ALIKI                $26,500 5.00% Logistics     1-Mar-11  1-Feb-16 - 1-Apr-16      
                                       Group Co.
                                       Ltd., Beijing
  2005  180,235                                                                 
                                       RWE Supply &
26 BALTIMORE            $15,000 5.00% Trading GmbH, 8-Jul-13  8-Jul-16 - 8-Jan-17 9     
                                       Essen
  2005  177,243                                                                 
                                       Morgan
27 SALT LAKE CITY       $13,000 5.00% Stanley       11-Aug-12 11-Jun-14 -              
                                       Capital Group           11-Dec-14
                                       Inc.
  2005  171,810                                                                 
                                       Cargill                 14-Dec-14 -
28 SIDERIS GS     F      $13,500 4.75% International 14-Mar-13 14-Jun-15                
                                       S.A., Geneva
  2006  174,186                                                                 
                                       Cargill                 19-Jan-15 -
29 SEMIRIO        F      $14,000 4.75% International 19-Mar-13 19-Jun-15                
                                       S.A., Geneva
  2007  174,261                                                                 
                                       Morgan
30 BOSTON         F      $14,000 5.00% Stanley       29-Oct-11 25-Aug-13           3     
                                       Capital Group
                                       Inc.
                                       Clearlake
                      $14,250 4.75% Shipping Pte. 25-Aug-13 10-Aug-15 -         4     
                                       Ltd.,                   9-Feb-16
                                       Singapore
  2007  177,828                                                                 
31 HOUSTON        F      $55,000 4.75% Shagang       3-Nov-09  3-Oct-14 - 3-Jan-15 10    
                                       Shipping Co.
  2009  177,729                                                                 
                                       Nippon Yusen
32 NEW YORK       F      $48,000 3.75% Kaisha, Tokyo 3-Mar-10  3-Jan-15 - 3-May-15      
                                       (NYK)
  2010  177,773                                                                 
                                                                                       
  Newcastlemax Bulk Carriers                                                            
33 LOS ANGELES    G      $18,000 5.00% EDF Trading   9-Feb-12  9-Dec-15 - 9-Apr-16      
                                       Limited, UK
  2012  206,104                                                                 
34 PHILADELPHIA   G      $18,000 5.00% EDF Trading   17-May-12 17-Jan-16 -              
                                       Limited, UK             17-Jul-16
  2012  206,040                                                                 
                                                                                       
  Vessels Under Construction                                                            
35 HULL H2528     H      --      --    --            --        -- -- --            11    
  (tbn                                                                           
   CRYSTALIA)
  2013  76,000                                                                  
36 HULL H2529     H      --      --    --            --        -- -- --            11    
  (tbn ATALANDI)                                                                 
  2014  76,000                                                                  
37 HULL H2548     I      --      --    --            --        -- -- --            12    
  2016  208,500                                                                 
38 HULL H2549     I      --      --    --            --        -- -- --            12    
  2016  208,500                                                                 
* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk        
carriers that have the same letter.
** Total commission percentage paid to third parties.                                    
*** Charterers' optional period to redeliver the vessel to owners. Charterers have the
right to add the off hire days, if any, and therefore the optional period may be         
extended.
1 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank         
Limited.
2 The previous charterers, Louis Dreyfus Commodities Suisse S.A., Geneva, have agreed to
compensate the owners for the early redelivery of the vessel by paying the difference    
between the new rate and the previous rate, from the estimated redelivery date from the
previous charterers, to August 11, 2013.
3 Estimated redelivery date from the charterers.                                         
4 Estimated delivery date to the charterers.                                             
5 Vessel off-hire for unscheduled maintenance from April 14, 2013 to April 16, 2013.     
6 Expected date of delivery to the buyers during September 2013.                         
7 The charterer has the option to employ the vessel for a further 11 to 14 month period
at a gross charter rate of US$11,300 per day. The optional period, if exercised, must be 
declared on or before the end of the 21st month of employment and will only commence at
the end of the 24th month.
8 The charterer has the option to further employ the vessel for about 11 to maximum 13
months at a gross charter rate of US$11,000 per day. The optional period, if exercised,  
must be declared on or before the 22nd month of employment and will only commence at the
end of the 24th month.
9 Vessel delivered to the Company on June 13, 2013. Due to scheduled maintenance, the    
vessel was delivered to the charterers on July 8, 2013.
10 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Group Co.         
11 Based on latest information received by the yard.                                     
12 Year of delivery and dwt are based on shipbuilding contract.                          



Summary of Selected Financial & Other Data (unaudited)
                          Three months ended June Six months ended June 30,
                           30,
                          2013         2012        2013         2012
STATEMENT OF OPERATIONS DATA (in thousands of US                
Dollars):
Time charter revenues      $ 40,005     $ 57,583    $ 82,605     $ 115,185
Voyage expenses            2,093        2,922       4,291        5,101
Vessel operating expenses  19,569       15,371      37,527       30,028
Net income / (loss)        (5,246)      17,377      (8,430)      37,338
FLEET DATA                                                    
Average number of vessels  32.2         27.2        31.7         26.3
Number of vessels          33.0         28.0        33.0         28.0
Weighted average age of    6.4          5.9         6.4          5.9
vessels
Ownership days             2,930        2,472       5,736        4,785
Available days             2,930        2,456       5,736        4,739
Operating days             2,906        2,445       5,678        4,723
Fleet utilization          99.2%        99.6%       99.0%        99.7%
AVERAGE DAILY RESULTS                                         
Time charter equivalent    $ 12,939     $ 22,256    $ 13,653     $ 23,229
(TCE) rate (1)
Daily vessel operating     $ 6,679      $ 6,218     $ 6,542      $ 6,275
expenses (2)
                                                             

  (1) Time charter equivalent rates, or TCE rates, are defined as our time
  charter revenues less voyage expenses during a period divided by the number
  of our available days during the period, which is consistent with industry
  standards.Voyage expenses include port charges, bunker (fuel) expenses,
  canal charges and commissions.TCE is a non-GAAP measure.TCE rate is a
  standard shipping industry performance measure used primarily to compare
  daily earnings generated by vessels on time charters with daily earnings
  generated by vessels on voyage charters, because charter hire rates for
  vessels on voyage charters are generally not expressed in per day amounts
  while charter hire rates for vessels on time charters are generally
  expressed in such amounts.

  (2) Daily vessel operating expenses, which include crew wages and related
  costs, the cost of insurance, expenses relating to repairs and maintenance,
  the costs of spares and consumable stores, tonnage taxes and other
  miscellaneous expenses, are calculated by dividing vessel operating expenses
  by ownership days for the relevant period.

Conference Call and Webcast Information

Diana Shipping Inc. will conduct a conference call and simultaneous Internet
webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, July
30, 2013.

Investors may access the webcast by visiting the Company's website at
www.dianashippinginc.com, and clicking on the webcast link.The conference
call also may be accessed by telephone by dialing 1-877-407-8291 (for
U.S.-based callers) or 1-201-689-8345 (for international callers), and asking
the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the
call and will be accessible for 30 days on www.dianashippinginc.com. A
telephone replay also will be available for 30 days by dialing 1-877-660-6853
(for U.S.-based callers) or 1-201-612-7415 (for international callers), and
providing the Replay ID number 417255.

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.

                       (See financial tables attached)


DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME /
(LOSS)

                     Three months ended June 30, Six months ended June 30,
                     2013           2012          2013          2012
                                                             
REVENUES:                                                    
Time charter         $ 40,005       $ 57,583      $ 82,605      $ 115,185
revenues
Other revenues       --            618          447          1,186
                                                             
EXPENSES:                                                    
Voyage expenses      2,093         2,922        4,291        5,101
Vessel operating     19,569        15,371       37,527       30,028
expenses
Depreciation and
amortization of       15,919        15,327       31,468       29,915
deferred charges
General and
administrative        5,479         6,564        10,943       12,682
expenses
Foreign currency     (317)         (378)        (391)        (772)
gains
Operating income /   (2,738)       18,395       (786)        39,417
(loss)
                                                             
OTHER INCOME /                                               
(EXPENSES):
Interest and finance (2,025)       (1,855)      (4,089)      (3,398)
costs
Interest income     150           517          350          895
Loss from derivative (30)          (39)         (33)         (240)
instruments
Income / (loss) from
investment in Diana   (603)         359          (3,872)      664
Containerships Inc.
Total other          (2,508)       (1,018)      (7,644)      (2,079)
expenses, net
                                                             
Net Income / (loss)  (5,246)       17,377       (8,430)      37,338
                                                             
Earnings / (loss) per
common share, basic   $ (0.06)       $ 0.21        $ (0.10)      $ 0.46
and diluted
                                                             
Weighted average
number of common      81,382,997     81,393,077    81,222,049    81,309,564
shares, basic and
diluted
                                                 
                                                 
                     Three months ended June 30,  Six months ended June 30,
                     2013           2012          2013          2012
Net income / (loss)   $ (5,246)      $ 17,377      $ (8,430)     $ 37,338
Other comprehensive   --            --           (98)         --
loss (Actuarial loss)
Comprehensive income  $ (5,246)      $ 17,377      $ (8,528)     $ 37,338
/ (loss)

                                                                 
                                                                 
CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)             
(in thousands of U.S. Dollars)                                    
                                                                
                                                     June 30,    December 31,
                                                      2013        2012
ASSETS                                                           
                                                                
Cash and cash equivalents                             $ 375,346   $ 446,624
Other current assets                                  16,155      20,362
Advances for vessels under construction and           39,459      11,502
acquisitions and other vessel costs
Vessels' net book value                               1,255,909   1,211,138
Other fixed assets, net                               22,985      22,774
Other non-current assets                              22,690      30,402
Total assets                                          $ 1,732,544 $ 1,742,802
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY                             
                                                                
Current liabilities, including current portion of     $ 61,694    $ 61,477
long-term debt
Long-term debt, net of current portion and deferred   408,047     414,080
financing costs
Other non-current liabilities                         839         821
Total stockholders' equity                            1,261,964   1,266,424
Total liabilities and stockholders' equity            $ 1,732,544 $ 1,742,802



OTHER FINANCIAL DATA (unaudited)
                     Three months ended June 30, Six months ended June 30,
                     2013           2012           2013          2012
                                                              
Net Cash provided by $ 16,454       $ 31,590       $ 33,848      $ 68,033
Operating Activities
Net Cash used in     (52,506)      (55,559)      (100,186)    (117,293)
Investing Activities
Net Cash provided by
/ (used in) Financing (932)         33,423        (4,940)      84,062
Activities

CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Executive Vice-President and Secretary
         Telephone: + 30-210-9470100
         Email: izafirakis@dianashippinginc.com
         Website: www.dianashippinginc.com
        
         Investor and Media Relations:
         Edward Nebb
         Comm-Counsellors, LLC
         Telephone: + 1-203-972-8350
         Email: enebb@optonline.net
 
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