Diana Shipping Inc. Announces Results of Hearing Involving the M/V Thetis

Diana Shipping Inc. Announces Results of Hearing Involving the M/V Thetis

ATHENS, Greece, Dec. 5, 2013 (GLOBE NEWSWIRE) -- Diana Shipping Inc.
(NYSE:DSX), (the "Company"), today announced that its subsidiary, Diana
Shipping Services S.A. ("DSS"), was sentenced by the United States District
Court in Norfolk, Virginia to a fine of $1,100,000 and a period of probation
of three years and six months as a result of a conviction earlier this year by
which DSS was held vicariously liable for the illegal acts of the M/V Thetis's
Chief Engineer and 2^nd Engineer who were found guilty by the Court of
violating several U.S. statutes and regulations in failing to properly handle
bilge wastes, maintain required records and for obstruction of justice.

The Director and Treasurer of DSS, Mr. Ioannis Zafirakis, stated to the court
that DSS has previously undertaken a comprehensive review of its existing
Management System and operations, and implemented an Enhanced Environmental
Management System, or EEMS, to ensure that all of the vessels managed by DSS
are operated in accordance with applicable maritime environmental laws and
regulations. Mr Zafirakis also noted that the EEMS has been independently
audited and certified as being ISO 14001 compliant and that environmental
compliance will continue to be given utmost priority by Diana Shipping
Services S.A. He added that DSS intends to continue to transform its corporate
culture and operations to make certain that it is a model in the maritime
industry for environmental compliance.

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, vessel 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: + 30-210-9470-100
         Email: izafirakis@dianashippinginc.com
        
         Investor and Media Relations:
         Edward Nebb
         Comm-Counsellors, LLC
         Telephone: + 1-203-972-8350
         Email: enebb@optonline.net