Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2013

Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year
Ended December 31, 2013

ATHENS, Greece, Feb. 18, 2014 (GLOBE NEWSWIRE) -- Diana Shipping Inc.
(NYSE:DSX), (the "Company"), a global shipping company specializing in the
ownership of dry bulk vessels, today reported a net loss of $9.6 million for
the fourth quarter of 2013, compared to net income of $5.0 million reported
for the fourth quarter of 2012.

Time charter revenues were $39.5 million for the fourth quarter of 2013,
compared to $49.4 million for the same period of 2012. This was mainly due to
reduced time charter rates, as well as the accelerated amortization of the
prepaid charter revenue for the m/v Houston, due to the earlier redelivery of
the vessel by the charterers, resulting in the unamortized balance of $3.0
million being recorded against time charter revenues in the fourth quarter of
2013. 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 2013 amounted to $21.2 million, compared to net income of $54.6
million for 2012. Time charter revenues were $164.0 million for 2013, compared
to $220.8 million for 2012.

   
   Fleet Employment Profile (As of February 17, 2014)
   Currently Diana Shipping Inc.'s fleet 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
                     $11,500 5.00% Co., Ltd,     11-Nov-13 16-Dec-13  3
                                      Hong Kong
                     $11,000 5.00% Bunge S.A.,   16-Dec-13 1-Sep-14 - 
                                      Geneva                  31-Oct-14
   200175,336                                                    
                                      Ultrabulk               20-Feb-14
6  OCEANIS      A      $9,250  5.00% A/S,          14-Aug-12 -          4
                                      Copenhagen,             14-Jul-14
                                      Denmark
   200175,211                                                    
7  THETIS       B      $8,300  5.00% EDF Trading   1-Sep-13  1-Jul-15 - 5
                                      Limited, UK             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                                                    
                                      Cargill                 29-Apr-15
9  CALIPSO      B      $8,100  4.75% International 29-Jul-13 -          
                                      S.A., Geneva            29-Aug-15
   200573,691                                                    
                                      Cargill                 22-May-15
10 CLIO         B      $8,600  4.75% International 22-Aug-13 -          6
                                      S.A., Geneva            22-Aug-15
   200573,691                                                    
                                      Ultrabulk
11 NAIAS        B      $9,250  5.00% A/S,          2-Sep-12  28-Feb-14  4
                                      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   5,7
                                      S.A., Geneva
   200474,444                                                    
14 CORONIS      C      $10,600 5.00% EDF Trading   12-Mar-12 1-Mar-14 - 4
                                      Limited, UK             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             20-Feb-14
18 LETO               $12,900 5.00% Limited, UK   17-Jan-12 -          4
                                                              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
20 MYRSINI      E      $15,500 4.75% Shipping Pte. 12-Oct-13 12-Feb-14  8
                                      Ltd.,
                                      Singapore
                                                              15-Feb-15
                                              12-Feb-14 -          
                                                              10-May-15
   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
   201093,193                                                    
                                      Bunge S.A.,             31-May-14
23 AMPHITRITE         $10,000 5.00% Geneva        15-Aug-12 -          9
                                                              30-Oct-14
   201298,697                                                   
                                      Bunge S.A.,             16-Jul-14
24 POLYMNIA           $7,600  5.00% Geneva        16-Jan-13 -          10,11
                                                              16-Jan-15
   201298,704                                                    
   
   Capesize Bulk Carriers
                                      Clearlake               16-Jul-14
25 NORFOLK            $10,700 4.50% Shipping Pte. 16-Jan-13 -          8
                                      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   12
                                      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                                                   
                                      Clearlake
31 BOSTON       F      $14,250 4.75% Shipping Pte. 24-Aug-13 9-Aug-15 - 8
                                      Ltd.,                   8-Feb-16
                                      Singapore
   2007177,828                                                   
32 HOUSTON      F      $55,000 4.75% Shagang       3-Nov-09  26-Nov-13  13
                                      Shipping Co.
                                      Clearlake               19-Oct-14
                     $20,500 4.75% Shipping Pte. 3-Dec-13  -          8
                                      Ltd.,                   18-Feb-15
                                      Singapore
   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 &            18-Sep-15
34 P. S. PALIOS       $18,350 5.00% Trading GmbH, 3-Dec-13  -          
                                      Essen                   31-Dec-15
   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
                                      Glencore                21-Aug-15
37 HULL H2528   H      $15,800 5.00% Grain B.V.,   21-Feb-14 -          14,15
                                      Rotterdam               21-Nov-15
   (tbn                                                           
    CRYSTALIA)
   201477,525                                                    
38 HULL H2529   H      -       -     -             -         - - -      14
   (tbn                                                           
    ATALANDI)
   201476,000                                                    
39 HULL DY6006        -       -     -             -         - - -      16
   201682,000                                                    
40 HULL H2548   I      -       -     -             -         - - -      16
   2016208,500                                                   
41 HULL H2549   I      -       -     -             -         - - -      16
   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 Charterers exercised their option to redeliver the vessel back to owners at
CJK area and will now have to pay US$11,500 per day for the entire period
instead of US$11,000 per day previously announced.
4 Based on latest information.
5 Vessel currently off-hire for unscheduled maintenance.
6 Vessel off-hire for drydocking from December 12, 2013 to January 2, 2014.
7 Vessel off-hire from October 20, 2013 to October 21, 2013.
8 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
9 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.
10 The charterer has the option to further employ the vessel for about 11 to a
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.
11 Prior to October 12, 2013, chartered to Augustea Bunge Maritime Limited,
Malta.
12 Vessel delivered to the Company on June 13, 2013. Due to scheduled
maintenance, the vessel was delivered to the charterers on July 8, 2013.
13 From November 3, 2009 the vessel was chartered to Shagang Shipping Co. (a
guaranteed nominee of the Jiangsu Shagang Group Co.), ("Shagang") with an
initial termination date of October 3, 2014. On November 26, 2013, Gala
Properties Inc., a wholly-owned subsidiary of Diana Shipping Inc. and owner of
the vessel, received a notice from Shagang claiming that they were entitled to
terminate the charter effective November 26, 2013 for purported breaches by
the owners.The owners believe they have fully performed under the terms of
the charter since its inception and that Shagang has no basis for the
purported termination of the charter. The owners have commenced arbitration
proceedings seeking to mitigate their losses as a result of Shagang's early
termination.
14 Based on latest information received by the yard.
15 Estimated date of delivery to the charterers.
16 Year of delivery and dwt are based on shipbuilding contract.



Summary of Selected Financial & Other Data (unaudited)
                     Three months ended December   Years ended December 31,
                      31,
                     2013           2012           2013          2012
                                                              
STATEMENT OF
OPERATIONS DATA (in                                            
thousands of US
Dollars):
Time charter revenues $ 39,464      $ 49,379      $ 164,005    $ 220,785
Voyage expenses       1,798         2,083         8,119        8,274
Vessel operating      19,949        19,316        77,211       66,293
expenses
Net income / (loss)   (9,597)        5,016         (21,205)      54,639
FLEET DATA                                                     
Average number of     35.2          29.5          33.0         27.6
vessels
Number of vessels     36           30           36          30
Weighted average age  6.6           6.0           6.6          6.0
of vessels
Ownership days        3,241         2,710        12,049       10,119
Available days        3,221         2,675        12,029       9,998
Operating days        3,204         2,575        11,944       9,865
Fleet utilization     99.5%          96.3%          99.3%         98.7%
AVERAGE DAILY RESULTS                                          
Time charter
equivalent (TCE) rate $ 11,694      $ 17,681      $ 12,959     $ 21,255
(1)
Daily vessel
operating expenses    $ 6,155       $ 7,128       $ 6,408      $ 6,551
(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,
February 18, 2014.

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 13574615.

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.

                       (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 December Year ended December 31,
                           31,
                          2013          2012          2013        2012
                                                               
REVENUES:                                                       
Time charter revenues      $ 39,464     $ 49,379     $ 164,005  $ 220,785
Other revenues             --          648         447       2,447
                                                               
EXPENSES:                                                       
Voyage expenses            1,798       2,083       8,119     8,274
Vessel operating expenses  19,949      19,316      77,211    66,293
Depreciation and
amortization of deferred   16,876      16,102      64,741    62,010
charges
General and administrative 7,382       6,009       23,724    24,913
expenses
Foreign currency gains     (117)        (264)        (690)      (1,374)
Operating income / (loss)  (6,424)      6,781       (8,653)    63,116
                                                               
OTHER INCOME / (EXPENSES):                                      
Interest and finance costs (1,993)      (2,054)      (8,140)    (7,618)
Interest and other income 929         247         1,800     1,432
Loss from derivative       (27)         (3)          (118)      (518)
instruments
Gain / (loss) from
investment in Diana        (2,082)      45          (6,094)    (1,773)
Containerships Inc.
Total other expenses, net  (3,173)      (1,765)      (12,552)   (8,477)
                                                               
Net Income / (loss)        (9,597)      5,016       (21,205)   54,639
                                                               
Earnings / (loss) per
common share, basic and    $ (0.12)      $ 0.06       $ (0.26)    $ 0.67
diluted
                                                               
Weighted average number of 81,482,997   80,788,412   81,328,390 81,083,485
common shares, basic
                                                               
Weighted average number of 81,482,997   80,901,900   81,328,390 81,083,485
common shares, diluted
                                                               
                          Three months ended December Year ended December 31,
                           31,
                          2013          2012          2013        2012
Net income / (loss)        $ (9,597)     $ 5,016      $ (21,205)  $ 54,639
Other comprehensive
income/(loss) (Actuarial   68          306         (30)       306
gain/(loss))
Comprehensive income /     $ (9,529)     $ 5,322      $ (21,235)  $ 54,945
(loss)

                                                                
                                                                
CONDENSED CONSOLIDATED BALANCE SHEET DATA                        
(unaudited)
(in thousands of U.S. Dollars)                                   
                                                                
                                                    2013         2012
ASSETS                                                           
                                                                
Cash and cash equivalents                            $ 240,633   $ 446,624
Other current assets                                 11,235      20,362
Advances for vessels under construction and          38,862      11,502
acquisitions and other vessel costs
Vessels' net book value                              1,320,375   1,211,138
Other fixed assets, net                              22,826      22,774
Other non-current assets                             68,050      30,402
Total assets                                         $ 1,701,981 $ 1,742,802
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY                             
                                                                
Current liabilities, including current portion of    $ 62,752    $ 61,477
long-term debt
Long-term debt, net of current portion and deferred  385,025     414,080
financing costs
Other non-current liabilities                        812         821
Total stockholders' equity                           1,253,392   1,266,424
Total liabilities and stockholders' equity           $ 1,701,981 $ 1,742,802

                                                               
OTHER FINANCIAL DATA                                            
(unaudited)
                          Three months ended December Year ended December 31,
                           31,
                          2013           2012        2013        2012
                                                               
Net Cash provided by      $ 16,395      $ 22,334    $ 67,400   $ 119,886
operating activities
Net Cash used in          (72,617)      (28,248)    (245,156)  (169,913)
investing activities
Net Cash provided by /
(used in) financing        $ (18,885)     $ 84        $ (28,235)  $ 79,977
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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