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Diana Shipping Signs Contracts for Two Dry Bulk Carriers

March 29, 2012

Athens, Greece - Diana Shipping Inc. (DSX-PB), a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has signed, > through separate wholly-owned subsidiaries, two shipbuilding contracts with China Shipbuilding Trading Company, Limited and Jiangnan Shipyard (Group) Co. Ltd., for the construction of two Ice Class Panamax dry bulk carriers of approximately 76,000 dwt each for a contract price of $29 million per vessel.

The Company expects to take delivery of the vessels during the fourth quarter of 2013.

Excluding the two vessels described above and the previously announced  Newcastlemax new-building dry bulk carrier expected to be delivered during the second quarter of 2012, Diana Shipping Inc.'s fleet currently consists of 26 dry bulk carriers (16 Panamax, 1 Post-Panamax, 8 Capesize and 1 Newcastlemax) with a weighted average age of 6 years.

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