Diana Shipping Inc. to Acquire New Vessel

June 9, 2006

Diana Shipping Inc. announces the completion of its follow-on offering of 7,000,000 shares of common stock priced at $9.50 per share. Bear, Stearns & Co. Inc. and Wachovia Capital Markets, LLC are the joint global coordinators and joint book-running managers for the offering. In connection with the offering, the underwriters have been granted a 30- day option to purchase up to 1,050,000 additional shares of the Company's common stock to cover any over-allotments.

Diana Shipping Inc. to Acquire New Vessel

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