Diana Shipping Inc. Reports Financial Results for the Quarter Ended March 31, 2014

Diana Shipping Inc. Reports Financial Results for the Quarter Ended March 31,
2014

ATHENS, Greece, May 14, 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 $6.0 million and
net loss available to common stockholders of $6.8 million for the first
quarter of 2014, compared to anet loss and net loss available to common
stockholders of $3.2 million reported in the first quarter of 2013.

Time charter revenues were $41.1 million for the first quarter of 2014,
compared to $42.6 million for the same period of 2013, 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.

   Fleet Employment Profile (As of May 13, 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                                                    
5  TRITON       A      $11,000 5.00% Bunge S.A.,   16-Dec-13 1-Sep-14- 
                                      Geneva                  31-Oct-14
   200175,336                                                    
                                      Ultrabulk
6  OCEANIS      A      $9,250  5.00% A/S,          14-Aug-12 4-Jun-14 - 1
                                      Copenhagen,             14-Jul-14
                                      Denmark
   200175,211                                                    
7  THETIS      B      $8,300  5.00% EDF Trading   1-Sep-13  1-Jul-15 - 2,3,4
                                      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 -          5
                                      S.A., Geneva           22-Aug-15
   200573,691                                                    
                                      Ultrabulk
11 NAIAS        B      $9,250  5.00% A/S,          2-Sep-12  12-Jun-14  1
                                      Copenhagen,             - 2-Aug-14
                                      Denmark
   200673,546                                                    
                                      Cargill                 16-Jun-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   6
                                      S.A., Geneva
   200474,444                                                    
14 CORONIS      C      $10,600 5.00% EDF Trading   12-Mar-12 24-May-14  1
                                      Limited, UK
   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 10-May-14  
                                      Ltd.,
                                      Melbourne
                                                              10-Apr-15
                     $12,000                   10-May-14 -          
                                                              10-Jul-15
   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                                                    
18 LETO               $12,900 5.00% EDF Trading   17-Jan-12 4-Jun-14 - 1
                                      Limited, UK             17-Nov-14
   201081,297                                                    
                                      Glencore                21-Aug-15
19 CRYSTALIA    E      $15,800 5.00% Grain B.V.,   21-Feb-14 -          
                                      Rotterdam               21-Nov-15
   201477,525                                                    
                                      Glencore                13-Apr-15
20 ATALANDI     E      $13,500 5.00% Grain B.V.,   13-May-14 -          
                                      Rotterdam               13-Jul-15
   201477,529                                                    
   Kamsarmax Bulk Carriers
                                      Glencore                12-Aug-14
21 MAIA         F      $10,900 5.00% Grain B.V.,   27-Feb-13 -          
                                      Rotterdam               27-Feb-15
   200982,193                                                    
                                      Clearlake
22 MYRSINI      F      $15,500 4.75% Shipping Pte. 12-Oct-13 12-Feb-14  7
                                      Ltd.,
                                      Singapore
                                                              15-Feb-15
                                              12-Feb-14 -          
                                                              10-May-15
   201082,117                                                    
                                      Cargill                 25-Jul-14
23 MYRTO        F      $9,000  5.00% International 25-Jan-13 -          
                                      S.A., Geneva            25-Jan-15
   201382,131                                                    
   Post-Panamax Bulk Carriers
                                      ADM
24 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
25 AMPHITRITE         $10,000 5.00% Geneva        15-Aug-12 -          8
                                                              30-Oct-14
   201298,697                                                    
                                      Bunge S.A.,             16-Jul-14
26 POLYMNIA           $7,600  5.00% Geneva        16-Jan-13 -          9,10
                                                              16-Jan-15
   201298,704                                                    
   Capesize Bulk Carriers
                                      Clearlake               16-Jul-14
27 NORFOLK            $10,700 4.50% Shipping Pte. 16-Jan-13 -          7
                                      Ltd.,                   16-Jan-15
                                      Singapore
   2002164,218                                                   
                                      Minmetals
28 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 -
29 BALTIMORE          $15,000 5.00% Trading GmbH, 8-Jul-13  8-Jan-17   4
                                      Essen
   2005177,243                                                   
                                      Morgan                  11-Jun-14
30 SALT LAKE          $13,000 5.00% Stanley       11-Aug-12 -          
    CITY                              Capital Group           11-Dec-14
                                      Inc.
   2005171,810                                                   
                                      Cargill                 14-Dec-14
31 SIDERIS GS   G      $13,500 4.75% International 14-Mar-13 -          
                                      S.A., Geneva            14-Jun-15
   2006174,186                                                   
                                      Cargill                 19-Jan-15
32 SEMIRIO      G      $14,000 4.75% International 19-Mar-13 -          
                                      S.A., Geneva           19-Jun-15
   2007174,261                                                   
                                      Clearlake
33 BOSTON       G      $14,250 4.75% Shipping Pte. 24-Aug-13 9-Aug-15 - 7
                                      Ltd.,                   8-Feb-16
                                      Singapore
   2007177,828                                                   
                                      Clearlake               19-Oct-14
34 HOUSTON     G      $20,500 4.75% Shipping Pte. 3-Dec-13  -          7
                                      Ltd.,                   18-Feb-15
                                      Singapore
   2009177,729                                                   
                                      Nippon Yusen            3-Jan-15 -
35 NEW YORK     G      $48,000 3.75% Kaisha, Tokyo 3-Mar-10  3-May-15   
                                      (NYK)
   2010177,773                                                   
                                      RWE Supply &            18-Sep-15
36 P. S. PALIOS       $18,350 5.00% Trading GmbH, 3-Dec-13  -          
                                      Essen                   31-Dec-15
   2013179,134                                                   
   Newcastlemax Bulk Carriers
37 LOS ANGELES  H      $18,000 5.00% EDF Trading   9-Feb-12  9-Dec-15 - 
                                      Limited, UK             9-Apr-16
   2012206,104                                                   
                                      EDF Trading             17-Jan-16
38 PHILADELPHIA H      $18,000 5.00% Limited, UK   17-May-12 -          
                                                              17-Jul-16
   2012206,040                                                   
   Vessels Under Construction
39 HULL DY6006        --      --    --            --        -- -- --   11
   201682,000                                                    
40 HULL H2548   I      --      --    --            --        -- -- --   11
   2016208,500                                                   
41 HULL H2549   I      --      --    --            --        -- -- --   11
   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 Based on latest information.
2 Vessel off-hire for unscheduled maintenance from February 12, 2014 to March
7, 2014.
3 Vessel off-hire from April 21, 2014 to April 23, 2014.
4 Vessel currently off-hire for drydocking.
5 Vessel off-hire for drydocking from December 12, 2013 to January 2, 2014.
6 Vessel off-hire for unscheduled maintenance from February 14, 2014 to
February 23, 2014.
7 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
8 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.
9 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.
10 Prior to October 12, 2013, chartered to Augustea Bunge Maritime Limited,
Malta.
11 Year of delivery and dwt are based on shipbuilding contract.


Summary of Selected Financial & Other Data (unaudited)
                                                 Three months ended March 31,
                                                 2014           2013
                                                               
STATEMENT OF OPERATIONS DATA (in thousands of US                
Dollars):
Time charter revenues                             $ 41,145      $ 42,601
Voyage expenses                                   2,398          2,199
Vessel operating expenses                         20,656         17,957
Net loss                                          (6,027)        (3,183)
Net loss available to common stockholders         (6,780)        (3,183)
FLEET DATA                                                     
Average number of vessels                         36.4           31.2
Number of vessels                                 37            32
Weighted average age of vessels                   6.7            6.1
Ownership days                                    3,280          2,806
Available days                                    3,278          2,806
Operating days                                    3,238          2,772
Fleet utilization                                 98.8%          98.8%
AVERAGE DAILY RESULTS                                          
Time charter equivalent (TCE) rate (1)            $11,820       $14,398
Daily vessel operating expenses (2)               $6,298        $6,400

________

(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 Wednesday, May
14, 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 13579143.

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 LOSS
                                                               
                                                 Three months ended March 31,
                                                 2014           2013
                                                               
REVENUES:                                                       
Time charter revenues                             $41,145        $42,601
Other revenues                                    --             447
                                                               
EXPENSES:                                                       
Voyage expenses                                   2,398          2,199
Vessel operating expenses                         20,656         17,957
Depreciation and amortization of deferred charges 16,874         15,549
General and administrative expenses               6,248          5,464
Foreign currency gain                             (65)           (74)
Operating income / (loss)                         (4,966)        1,953
                                                               
OTHER INCOME / (EXPENSES):                                      
Interest and finance costs                        (1,960)        (2,064)
Interest and other income                         904            200
Loss from derivative instruments                  (4)            (4)
Loss from investment in Diana Containerships Inc. (1)            (3,268)
Total other expenses, net                         (1,061)        (5,136)
                                                               
Net loss                                          (6,027)        (3,183)
                                                               
Earnings allocated to preferred stock             (753)          --
                                                               
Net loss attributed to common stockholders        (6,780)        (3,183)
                                                               
Loss per common share, basic and diluted          $(0.08)      $(0.04)
                                                               
Weighted average number of common shares, basic   81,733,673     81,059,313
and diluted
                                                               
                                                 Three months ended March 31,
                                                 2014           2013
Net loss                                          $(6,027)     $(3,183)
Other comprehensive loss (Actuarial loss)         --             (98)
Comprehensive loss                                $(6,027)     $(3,281)


CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)
(in thousands of U.S. Dollars)
                                                           
                                             March 31, 2014 December 31, 2013
ASSETS                                                      
                                                           
Cash and cash equivalents                     $307,406     $240,633
Other current assets                          12,928         11,235
Advances for vessels under construction and   27,034         38,862
acquisitions and other vessel costs
Vessels' net book value                       1,335,348      1,320,375
Other fixed assets, net                       22,726         22,826
Other non-current assets                      66,791         68,050
Total assets                                  $1,772,233   $1,701,981
                                                           
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                           
Current liabilities, including current        $90,978      $62,752
portion of long-term debt
Long-term debt, net of current portion and    369,198        385,025
deferred financing costs
Other non-current liabilities                 749            812
Total stockholders' equity                    1,311,308      1,253,392
Total liabilities and stockholders' equity    $1,772,233   $1,701,981
                                                           
OTHER FINANCIAL DATA (unaudited)
                                             Three months ended March 31,
                                             2014           2013
                                                           
Net Cash provided by operating activities     $9,637       $17,394
Net Cash used in investing activities         (19,038)       (47,680)
Net Cash provided by / (used in) financing    $76,174      $(4,008)
activities

CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Chief Operating Officer 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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