ATHENS, GREECE, February 1, 2023 - 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 Melia, to OceanPal Inc., a related party. The aggregate sale
price of the vessel is US$14.0 million. Of the sale price, US$4.0 million was
paid upon signing of the Memorandum of Agreement and the remaining amount will
be paid upon the delivery of the vessel in the form of shares of the OceanPal
Inc.'s Series D Preferred Stock, the terms of which are set forth in the
statement of designation of the Series D Preferred Stock. The aggregate sale
price was agreed upon based on the average of two independent shipbroker vessel
valuations, taking into account the share-based component of the consideration.

The m/v Melia is a 2005-built Panamax dry bulk vessel with a carrying capacity
of 76,225 dwt. Delivery to the buyer is expected to occur by the end of February
2023. 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 Melia) based on an agreement dated November 8, 2021.
The sale of the m/v Melia to OceanPal Inc. was approved by a committee of
independent members of the Company's Board of Directors.

Upon completion of the previously announced sale of m/v Aliki and the
aforementioned sale, Diana Shipping Inc.'s fleet will consist of 41 dry bulk
vessels (4 Newcastlemax, 10 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and
9 Ultramax). As of today, the combined carrying capacity of our fleet, including
the m/v Melia and the m/v Aliki, is approximately 4.9 million dwt with a
weighted average age of 10.27 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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