ATHENS, GREECE, November 22, 2021 - Diana Shipping Inc. (NYSE: DSX) (the
"Company"), a global shipping company specializing in the ownership of dry bulk
vessels, today announced the commencement of a tender offer to purchase up to
3,529,411 shares, or about 4.0%, of its outstanding common stock, using funds
available from cash and cash equivalents on hand at a price of $4.25 per share.
The tender offer will expire at the end of the day, 5:00 P.M., Eastern Time, on
December 21, 2021, unless extended or withdrawn. The Board of Directors
determined that it is in the Company's best interest to repurchase shares at
this time given Diana Shipping's cash position and stock price. The tender offer
is not conditioned upon any minimum number of shares being tendered; however,
the tender offer is subject to a number of other terms and conditions, including
without limitation the completion of the Company's previously announced spin-off
of OceanPal Inc. Shareholders that tender their shares in the tender offer and
do not otherwise transfer their shares prior to the spin-off distribution date
will receive OceanPal Inc. common shares in accordance with the terms of the
spin-off transaction. Specific instructions and an explanation of the terms and
conditions of the tender offer are contained in the Offer to Purchase and
related materials that are being mailed to shareholders.

Diana Shipping Inc. has retained Computershare Trust Company, N.A. as the
depositary for the tender offer and Georgeson LLC as the information agent.

Copies of the Offer to Purchase, the related Letter of Transmittal and the
Notice of Guaranteed Delivery are being mailed to the Company's shareholders.
Additional copies of the Offer to Purchase, the related Letter of Transmittal or
the Notice of Guaranteed Delivery may be obtained at the Company's expense from
the information agent at (800) 248-7690 (toll free). Questions regarding the
tender offer should be directed to the information agent at (800) 248-7690 (toll
free). Parties outside the U.S. can reach the information agent at
+1-781-575-2137...

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