Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2013

Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine
Months Ended September 30, 2013

ATHENS, Greece, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Diana Shipping Inc.
(NYSE:DSX), a global shipping company specializing in the ownership of dry
bulk vessels, today reported a net loss of $3.2 million for the third quarter
of 2013, compared to net income of $12.3 million reported for the third
quarter of 2012.

Time charter revenues were $41.9 million for the third quarter of 2013,
compared to $56.2 million for the sameperiod 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
enlargement of our fleet.

Net loss for the nine months ended September 30, 2013 amounted to $11.6
million, compared to net income of $49.6 million for the same period of 2012.
Time charter revenues were $124.5 million for the nine months ended September
30, 2013, compared to $171.4 million for the same period of 2012.

   Fleet Employment Profile (As of November 18, 2013)
   Currently DianaShipping Inc.'sfleet is employed as follows:
   
                        Gross
   Vessel       Sister Rate                        Delivery  Redelivery
   BUILTDWT    Ships* (USD    Com** Charterer     Date to   Date to    Notes
                        Per                         Charterer Owners***
                        Day)
   Panamax Bulk Carriers
                                                                 
                                      Intermare               10-Sep-14
1  DANAE        A      $8,250  5.00% Transport     10-Mar-13 -          
                                      GmbH, Hamburg           10-Jan-15
   200175,106                                                    
                                      EDF Trading             19-Jul-14
2  DIONE        A      $9,700  5.00% Limited, UK   19-Jul-12 -          
                                                              19-Dec-14
   200175,172                                                    
                                      Intermare               29-Jul-14
3  NIREFS       A      $8,000  5.00% Transport     29-Jan-13 -          
                                      GmbH, Hamburg           29-Jan-15
                                                                 
   200175,311                                                    
                                      EDF Trading             21-Nov-14
4  ALCYON       A      $7,750  5.00% Limited, UK   21-Dec-12 -          
                                                              21-May-15
   200175,247                                                    
                                      Resource
5  TRITON       A      $19,500 4.75% Marine Pte.,  11-Dec-10 8-Nov-13   1,2
                                      Ltd,
                                      Singapore
                                      CCX Shipping            29-Nov-13
                     $11,000 5.00% Co., Ltd,     11-Nov-13 - 1-Dec-13 3
                                      Hong Kong
   200175,336                                                    
                                      Ultrabulk               14-Jan-14
6  OCEANIS      A      $9,250  5.00% A/S,          14-Aug-12 -          
                                      Copenhagen,             14-Jul-14
                                      Denmark
   200175,211                                                    
7  THETIS       B      $10,500 5.00% EDF Trading   22-Feb-12 1-Sep-13   
                                      Limited, UK
                     $8,300  5.00%              1-Sep-13  1-Jul-15 - 
                                                              1-Dec-15
   200473,583                                                    
                                      Cargill                 14-Sep-14
8  PROTEFS      B      $9,000  5.00% International 14-Sep-12 -          
                                      S.A., Geneva            14-Feb-15
   200473,630                                                    
                                      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 -          4
                                      S.A., Geneva            29-Aug-15
   200573,691                                                    
                                      Cargill
10 CLIO         B      $10,750 5.00% International 22-Feb-12 22-Aug-13  
                                      S.A., Geneva
                                                              22-May-15
                     $8,600  4.75%              22-Aug-13 -          
                                                              22-Aug-15
   200573,691                                                    
                                      Ultrabulk
11 NAIAS        B      $9,250  5.00% A/S,          2-Sep-12  2-Feb-14 - 
                                      Copenhagen,             2-Aug-14
                                      Denmark
   200673,546                                                    
                                      Cargill                 22-May-14
12 ARETHUSA     B      $7,300  5.00% International 22-Nov-12 -          
                                      S.A., Geneva            22-Nov-14
   200773,593                                                    
                                      Cargill                 9-Jul-14 -
13 ERATO        C      $6,500  5.00% International 9-Jan-13  9-Jan-15   5
                                      S.A., Geneva
   200474,444                                                    
                                      EDF Trading             27-Nov-13
14 CORONIS      C      $10,600 5.00% Limited, UK   12-Mar-12 -          
                                                              27-Jun-14
   200674,381                                                    
                                      Cargill                 1-Jul-14 -
15 MELITE       D      $7,750  5.00% International 28-Dec-12 1-Jan-15   
                                      S.A., Geneva
   200476,436                                                    
                                      Rio Tinto
16 MELIA        D      $9,700  3.75% Shipping Pty, 17-Apr-13 2-Mar-14 - 
                                      Ltd.,                   17-May-14
                                      Melbourne
   200576,225                                                    
                                      Rio Tinto               26-Jun-15
17 ARTEMIS            $9,375  3.75% Shipping Pty, 26-Aug-13 -          
                                      Ltd.,                   26-Oct-15
                                      Melbourne
   200676,942                                                    
                                      EDF Trading             17-Jan-14
18 LETO               $12,900 5.00% Limited, UK   17-Jan-12 -          
                                                              17-Nov-14
   201081,297                                                    
   
   Kamsarmax Bulk Carriers
                                      Glencore                12-Aug-14
19 MAIA         E      $10,900 5.00% Grain B.V.,   27-Feb-13 -          
                                      Rotterdam               27-Feb-15
   200982,193                                                    
                                      Clearlake               12-Feb-14
20 MYRSINI      E      $15,500 4.75% Shipping Pte. 12-Oct-13 -          6
                                      Ltd.,                   27-Apr-14
                                      Singapore
   201082,117                                                    
                                      Cargill                 25-Jul-14
21 MYRTO        E      $9,000  5.00% International 25-Jan-13 -          
                                      S.A., Geneva            25-Jan-15
   201382,131                                                    
   
   Post-Panamax Bulk Carriers
                                      ADM
22 ALCMENE            $7,250  5.00% International 22-Feb-13 7-Aug-14 - 
                                      Sarl, Rolle,            22-Feb-15
                                      Switzerland
   2010 93,193                                                   
                                      Bunge S.A.,             31-May-14
23 AMPHITRITE         $10,000 5.00% Geneva        15-Aug-12 -          7
                                                              30-Oct-14
   201298,697                                                    
                                      Augustea
                                      Bunge                   16-Jul-14
24 POLYMNIA           $7,600  5.00% Maritime      16-Jan-13 -          8,9
                                      Limited,                16-Jan-15
                                      Malta
   2012 98,704                                                   
   
   Capesize Bulk Carriers
                                      Clearlake               16-Jul-14
25 NORFOLK            $10,700 4.50% Shipping Pte. 16-Jan-13 -          6
                                      Ltd.,                   16-Jan-15
                                      Singapore
   2002164,218                                                   
                                      Minmetals
26 ALIKI              $26,500 5.00% Logistics     1-Mar-11  1-Feb-16 - 
                                      Group Co.               1-Apr-16
                                      Ltd., Beijing
   2005180,235                                                   
                                      RWE Supply &            8-Jul-16 -
27 BALTIMORE          $15,000 5.00% Trading GmbH, 8-Jul-13  8-Jan-17   10
                                      Essen
   2005177,243                                                   
                                      Morgan                  11-Jun-14
28 SALT LAKE          $13,000 5.00% Stanley       11-Aug-12 -          
    CITY                              Capital Group           11-Dec-14
                                      Inc.
   2005171,810                                                   
                                      Cargill                 14-Dec-14
29 SIDERIS GS   F      $13,500 4.75% International 14-Mar-13 -          
                                      S.A., Geneva            14-Jun-15
   2006174,186                                                   
                                      Cargill                 19-Jan-15
30 SEMIRIO      F      $14,000 4.75% International 19-Mar-13 -          
                                      S.A., Geneva            19-Jun-15
   2007174,261                                                   
                                      Morgan
31 BOSTON       F      $14,000 5.00% Stanley       29-Oct-11 24-Aug-13  
                                      Capital Group
                                      Inc.
                                      Clearlake
                     $14,250 4.75% Shipping Pte. 24-Aug-13 9-Aug-15 - 6
                                      Ltd.,                   8-Feb-16
                                      Singapore
   2007177,828                                                   
32 HOUSTON      F      $55,000 4.75% Shagang       3-Nov-09  3-Oct-14 - 11
                                      Shipping Co.            3-Jan-15
   2009177,729                                                   
                                      Nippon Yusen            3-Jan-15 -
33 NEW YORK     F      $48,000 3.75% Kaisha, Tokyo 3-Mar-10  3-May-15   
                                      (NYK)
   2010177,773                                                   
                                      RWE Supply &            11-Sep-15
34 JK PIONEER         $18,350 5.00% Trading GmbH, 26-Nov-13 -          12
                                      Essen                   31-Dec-15
   (tbr P. S.                                                     
    PALIOS)
   2013179,134                                                   
   
   Newcastlemax Bulk Carriers
35 LOS ANGELES  G      $18,000 5.00% EDF Trading   9-Feb-12  9-Dec-15 - 
                                      Limited, UK             9-Apr-16
   2012206,104                                                   
                                      EDF Trading             17-Jan-16
36 PHILADELPHIA G      $18,000 5.00% Limited, UK   17-May-12 -          
                                                              17-Jul-16
   2012206,040                                                   
   
   Vessels Under Construction
37 HULL H2528   H      --      --    --            --        -- -- --   13
   (tbn                                                           
    CRYSTALIA)
   201476,000                                                    
38 HULL H2529   H      --      --    --            --        -- -- --   13
   (tbn                                                           
    ATALANDI)
   201476,000                                                    
39 HULL H2548   I      --      --    --            --        -- -- --   14
   2016208,500                                                   
40 HULL H2549   I      --      --    --            --        -- -- --   14
   2016208,500                                                   

* 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 Resource Marine Pte., Ltd, Singapore has agreed to compensate the owners for
the early redelivery of the vessel on November 8, 2013 till the minimum agreed
redelivery date, November 11, 2013.
3 Redelivery dates based on an estimated voyage duration of about 18-20 days.
4 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 July
29, 2013 to August 11, 2013.
5 Vessel off-hire from October 20, 2013 to October 21, 2013.
6 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
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 Since October 12, 2013, charterers have changed to Bunge S.A., Geneva.
10 Vessel delivered to the Company on June 13, 2013. Due to scheduled
maintenance, the vessel was delivered to the charterers on July 8, 2013.
11 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Group
Co.
12 Estimated date.
13 Based on latest information received by the yard.
14 Year of delivery and dwt are based on shipbuilding contract.



Summary of Selected Financial & Other Data (unaudited)
                    Three months ended September  Nine months ended September
                     30,                           30,
                    2013            2012          2013          2012
                                                             

STATEMENT OF OPERATIONS DATA (in thousands of US                
Dollars):
Time charter         $ 41,936       $ 56,220     $ 124,541    $ 171,405
revenues
Voyage expenses      2,031          1,090        6,321        6,191
Vessel operating     19,735         16,950       57,262       46,977
expenses
Net income / (loss)  (3,179)         12,285       (11,609)      49,623
FLEET DATA                                                    
Average number of    33.4           28.5         32.3         27.0
vessels
Number of vessels    34.0           29.0         34.0         29.0
Weighted average age 6.7            5.9          6.7          5.9
of vessels
Ownership days       3,072          2,624        8,808        7,409
Available days       3,072          2,584        8,808        7,323
Operating days       3,062          2,567        8,740        7,290
Fleet utilization    99.7%           99.3%         99.2%         99.5%
AVERAGE DAILY                                                 
RESULTS
Time charter
equivalent (TCE)     $ 12,990       $ 21,335     $ 13,422     $ 22,561
rate (1)
Daily vessel
operating expenses   $ 6,424        $ 6,460      $ 6,501      $ 6,341
(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,
November 19, 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 422637.

About the Company

Diana Shipping Inc. is a leading global provider of shipping transportation
services through its ownership 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 September Nine months ended September
                      30,                          30,
                     2013           2012          2013          2012
                                                             
REVENUES:                                                     
Time charter revenues $ 41,936      $ 56,220     $ 124,541    $ 171,405
Other revenues        --           614         446         1,800
                                                             
EXPENSES:                                                     
Voyage expenses       2,031        1,090       6,321       6,191
Vessel operating      19,735       16,950      57,262      46,977
expenses
Depreciation and
amortization of       16,397       15,993      47,865      45,908
deferred charges
General and
administrative        5,399        6,222       16,342      18,904
expenses
Foreign currency      (182)         (338)        (573)        (1,110)
gains
Operating income /    (1,444)       16,917      (2,230)      56,335
(loss)
                                                             
OTHER INCOME /                                                
(EXPENSES):
Interest and finance  (2,057)       (2,165)      (6,146)      (5,564)
costs
Interest and other    520          291         870         1,186
income
Loss from derivative  (58)          (276)        (92)         (516)
instruments
Loss from investment
in Diana              (140)         (2,482)      (4,011)      (1,818)
Containerships Inc.
Total other expenses, (1,735)       (4,632)      (9,379)      (6,712)
net
                                                             
Net Income / (loss)   (3,179)       12,285      (11,609)     49,623
                                                             
Earnings / (loss) per
common share, basic   $ (0.04)       $ 0.15       $ (0.14)      $ 0.61
and diluted
                                                             
Weighted average
number of common      81,382,997    80,931,326   81,276,288   81,182,564
shares, basic and
diluted
                                                             
                     Three months ended September Nine months ended September
                      30,                          30,
                     2013           2012          2013          2012
Net income / (loss)   $ (3,179)      $ 12,285     $ (11,609)    $ 49,623
Other comprehensive   --           --          (98)         --
loss (Actuarial loss)
Comprehensive income  $ (3,179)      $ 12,285     $ (11,707)    $ 49,623
/ (loss)

                                                           
                                                           
CONDENSED CONSOLIDATED BALANCE SHEET DATA                   
(unaudited)
(in thousands of U.S. Dollars)                              
                                                           

                                         September 30, 2013 December 31, 2012
ASSETS                                                      
                                                           
Cash and cash equivalents                 $ 315,740         $ 446,624
Other current assets                      14,990            20,362
Advances for vessels under construction   40,904            11,502
and acquisitions and other vessel costs
Vessels' net book value                   1,261,502         1,211,138
Other fixed assets, net                   22,931            22,774
Other non-current assets                  70,920            30,402
Total assets                              $ 1,726,987       $ 1,742,802
                                                           

LIABILITIES AND STOCKHOLDERS' EQUITY                        
                                                           

Current liabilities, including current    $ 61,475          $ 61,477
portion of long-term debt
Long-term debt, net of current portion    403,787           414,080
and deferred financing costs
Other non-current liabilities             873               821
Total stockholders' equity                1,260,852         1,266,424
Total liabilities and stockholders'       $ 1,726,987       $ 1,742,802
equity

                                                             
OTHER FINANCIAL DATA                                          
(unaudited)
                              Three months ended  Nine months ended September
                               September 30,       30,
                              2013      2012     2013          2012
                                                             

Net Cash provided by          $ 17,157 $ 29,519 $ 51,005     $ 97,552
operating activities
Net Cash used in investing    (72,353) (24,372) (172,539)    (141,665)
activities
Net Cash provided by / (used  $ (4,410) $ (4,169) $ (9,350)     $ 79,893
in) financing 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