ATHENS, GREECE, June 15, 2022 - Diana Shipping Inc. (NYSE: DSX), (the
"Company"), a global shipping company specializing in the ownership and bareboat
charter-in of dry bulk vessels, announced that it has signed, through a separate
wholly-owned subsidiary, a Memorandum of Agreement to sell one of its dry bulk
vessels, the m/v Baltimore, to OceanPal Inc., a related party. The aggregate
sale price of the vessel is $22.0 million, 20% of which was paid upon signing of
the Memorandum of Agreement and 80% of which will be paid upon the delivery of
the vessel in the form of newly issued preferred shares of OceanPal Inc. The
terms of the preferred shares will be mutually agreeable between the Company and
OceanPal Inc., and are expected to include a preferred dividend and to be
convertible into OceanPal Inc. common shares at any time. The aggregate sale
price was agreed upon based on the average of two independent broker vessel
valuations, adjusted for a scheduled drydocking of the vessel prior to delivery
to OceanPal Inc. and taking into account the share-based component of the
consideration.

The m/v Baltimore is a 2005-built Capesize dry bulk vessel having a carrying
capacity of 177,243 dwt. Delivery to the buyer is expected to occur in the third
quarter of 2022 following the completion of the vessel's scheduled drydocking.
The sale and purchase of the vessel was made pursuant to OceanPal Inc.'s
exercise of a right of first refusal granted by the Company on six identified
vessels (including the m/v Baltimore) based on an agreement dated November 8,
2021. The sale of the m/v Baltimore to OceanPal Inc. was approved by a committee
of independent members of the Company's Board of Directors.  

Upon completion of the aforementioned sale, Diana Shipping Inc.'s owned and
bareboat chartered-in fleet will consist of 34 dry bulk vessels (4 Newcastlemax,
11 Capesize, 5 Post-Panamax, 6 Kamsarmax and 8 Panamax). As of today, the
combined carrying capacity of our fleet, including the m/v Baltimore, is
approximately 4.5 million dwt with a weighted average age of 10.38 years. A
table describing the current Diana Shipping Inc. fleet can be found on the
Company's website, www.dianashippinginc.com. Information contained on the
Company's website does not constitute a part of this press release...

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