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Diana Shipping Inc$3.25($.08)(2.40%)

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 Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2015
   Wednesday, March 02, 2016 7:30:10 AM ET

Diana Shipping Inc. (DSX ), (the "Company"), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $22.5 million and net loss attributed to common stockholders of $23.9 million for the fourth quarter of 2015, compared to a net loss and net loss attributed to common stockholders of $6.2 million and $7.7 million, respectively, reported in the fourth quarter of 2014.

Time charter revenues were $38.3 million for the fourth quarter of 2015, compared to $46.1 million for the same quarter of 2014. The decrease in time charter revenues was mainly due to decreased time charter rates in the quarter and was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.

Net loss and net loss attributed to common stockholders for 2015 amounted to $64.7 million and $70.5 million, respectively, compared to net loss and net loss attributed to common stockholders of $10.3 million and $15.3 million, respectively, for 2014. Time charter revenues were $157.7 million for 2015, compared to $175.6 million for 2014.

   Fleet Employment Profile (As of March 02, 2016)
   Diana Shipping Inc.’s fleet is employed as follows:
   Vessel         Sister Ships* Gross Rate (USD Per Day) Com**          Charterers                                       Delivery Date to Charterers*** Redelivery Date to Owners**** Notes
   BUILT  DWT
   23 Panamax Bulk Carriers
1  DANAE          A             $        7,650                3.75 %    Glencore Grain B.V., Rotterdam                   16-Jan-15                      2-Dec-15                      1,2
                                $        4,900                5.00 %    Dampskibsselskabet Norden A/S, Copenhagen        9-Dec-15                       9-Nov-16 - 9-Mar-17
   2001  75,106
2  DIONE          A             $        9,250                5.00 %    RWE Supply & Trading GmbH, Essen                 12-Sep-14                      8-Jan-16                      3
                                $        4,350                5.00 %    Nidera S.P.A., Roma                              4-Feb-16                       20-Jan-17 - 4-May-17
   2001  75,172
3  NIREFS         A             $        7,500                5.00 %    Glencore Grain B.V., Rotterdam                   25-Dec-14                      12-Jan-16
                                $        4,600                5.00 %    Transgrain Shipping B.V., Rotterdam              15-Jan-16                      15-Dec-16 - 30-Mar-17
   2001  75,311
4  ALCYON         A             $        7,600                5.00 %    Transgrain Shipping B.V., Rotterdam              22-Aug-15                      22-Apr-16 - 22-Jul-16
   2001  75,247
5  TRITON         A             $        9,250                5.00 %    Glencore Grain B.V., Rotterdam                   24-Oct-14                      6-Oct-15                      4
                                $        6,800                5.00 %                                                     28-Oct-15                      13-Sep-16 - 28-Dec-16
   2001  75,336
6  OCEANIS        A             $        7,200                5.00 %    Glencore Grain B.V., Rotterdam                   11-May-15                      19-Mar-16 - 29-Mar-16         5
   2001  75,211
7  THETIS         B             $        7,000                5.00 %    Dampskibsselskabet Norden A/S, Copenhagen        14-Jul-15                      14-Jun-16 - 14-Sep-16
   2004  73,583
8  PROTEFS        B             $        6,250                5.00 %    Glencore Grain B.V., Rotterdam                   3-Apr-15                       18-Feb-16                     6
                                $        4,500                5.00 %    Transgrain Shipping B.V., Rotterdam              23-Feb-16                      8-Feb-17 - 23-Jun-17
   2004  73,630
9  CALIPSO        B             $        6,000                5.00 %    China Shipping Bulk Carrier Co., Ltd., Hong Kong 9-Jun-15                       9-Apr-16 - 9-Aug-16
   2005  73,691
10 CLIO           B             $        6,500                5.00 %    Transgrain Shipping B.V., Rotterdam              4-Aug-15                       4-May-16 - 4-Aug-16
   2005  73,691
11 NAIAS          B             $        6,800                4.75 %    Cargill International S.A., Geneva               12-Jul-15                      12-May-16 - 12-Aug-16         7
   2006  73,546
12 ARETHUSA       B             $        7,100                5.00 %    Glencore Grain B.V., Rotterdam                   5-Mar-15                       11-Mar-16 - 5-May-16          5,8
   2007  73,593
13 ERATO          C             $        7,100                5.00 %    Glencore Grain B.V., Rotterdam                   9-Mar-15                       12-Mar-16 - 9-May-16          5
   2004   74,444
14 CORONIS        C             $        6,500                5.00 %    Sandgate Maritime Ltd                            3-Jul-15                       3-Apr-16 - 3-Jul-16
   2006  74,381
15 MELITE         D             $        7,250                5.00 %    Glencore Grain B.V., Rotterdam                   29-Jan-15                      13-Oct-15
                                $        7,250                4.75 %    Cargill International S.A., Geneva               13-Oct-15                      13-Sep-16 - 13-Dec-16
   2004  76,436
16 MELIA          D             $        7,050                5.00 %    Bunge S.A., Geneva                               19-May-15                      24-Oct-15
                                $        7,200                5.00 %    Nidera S.P.A., Roma                              24-Oct-15                      24-Nov-16 - 24-Feb-17
   2005   76,225
17 ARTEMIS                      $        7,500                5.00 %    China Shipping Bulk Carrier Co., Ltd., Hong Kong 16-Aug-15                      16-May-16 - 16-Aug-16
   2006  76,942
18 LETO                         $        7,100                4.75 %    Cargill International S.A., Geneva               19-Jun-15                      4-Sep-16 - 3-Jan-17
   2010  81,297
19 SUNSHINE       E                      -                    -         -                                                -                              - - -                         9,10
   (tbr. SELINA)
   2010  75,700
20 MANZONI        E                      -                    -         -                                                -                              - - -                         9,10
   (tbr. MAERA)
   2013  75,403
21 INFINITY 9                            -                    -         -                                                -                              - - -                         9,10
   (tbr. ISMENE)
   2013  77,901
22 CRYSTALIA      F             $        9,000                5.00 %    Glencore Grain B.V., Rotterdam                   29-Aug-15                      29-Jun-16 - 29-Sep-16
   2014  77,525
23 ATALANDI       F             $        8,000                5.00 %    Glencore Grain B.V., Rotterdam                   21-May-15                      21-Mar-16 - 21-Apr-16         5
   2014  77,529
   4 Kamsarmax Bulk Carriers
24 MAIA           G             $        12,000               5.00 %    RWE Supply & Trading GmbH, Essen                 29-Sep-14                      13-Nov-15
                                $        7,500                5.00 %                                                     13-Nov-15                      13-Apr-17 - 13-Jul-17
   2009  82,193
25 MYRSINI        G             $        8,250                4.75 %    Clearlake Shipping Pte. Ltd., Singapore          18-Feb-15                      7-Mar-16                      5,11
   2010  82,117
26 MEDUSA         G             $        7,450                4.75 %    Clearlake Shipping Pte. Ltd., Singapore          2-Jun-15                       2-Apr-16 - 2-Aug-16           11
   2010  82,194
27 MYRTO          G             $        9,850                5.00 %    Glencore Grain B.V., Rotterdam                   5-Jan-15                       24-Dec-15
                                $        6,000                4.75 %    Cargill International S.A., Geneva               24-Dec-15                      24-Oct-16 - 8-Feb-17
   2013  82,131
   3 Post-Panamax Bulk Carriers
28 ALCMENE                      $        6,750                5.00 %    ADM International Sarl, Rolle, Switzerland       13-May-15                      13-Feb-17 - 2-Jun-17
   2010  93,193
29 AMPHITRITE     H             $        7,700                5.00 %    Bunge S.A., Geneva                               15-Jul-15                      30-Apr-17 - 30-Aug-17
   2012  98,697
30 POLYMNIA       H             $        7,500                5.00 %    Vroon Dry Cargo Chartering B.V., Breskens        17-Jan-15                      15-Dec-15                     12
                                $        5,650                4.75 %    Cargill International S.A., Geneva               15-Dec-15                      30-Nov-16 - 15-Mar-17
   2012  98,704
   14 Capesize Bulk Carriers
31 NORFOLK                      $        10,250               4.75 %    Clearlake Shipping Pte. Ltd., Singapore          4-Mar-15                       4-Apr-16 - 4-Aug-16           11
   2002  164,218
32 ALIKI                        $        26,500               5.00 %    Minmetals Logistics Group Co. Ltd., Beijing      1-Mar-11                       16-Jan-16                     13
                                $        5,300                5.00 %    SwissMarine Services S.A., Geneva                16-Jan-16                      16-Dec-16 - 16-Mar-17
   2005  180,235
33 BALTIMORE                    $        15,000               5.00 %    RWE Supply & Trading GmbH, Essen                 8-Jul-13                       8-Jul-16 - 8-Jan-17
   2005  177,243
34 SALT LAKE CITY               BCI 4TCs AVG + 3.5%           5.00 %    K Noble Hong Kong Ltd., Hong Kong                7-Feb-15                       7-Nov-16 - 7-Feb-17
   2005  171,810
35 SIDERIS GS     I             $        10,000               5.00 %    Rio Tinto Shipping (Asia) Pte., Ltd., Singapore  22-Feb-15                      22-Dec-15
                                $        6,500                5.00 %                                                     22-Dec-15                      22-Jan-17 - 7-Jul-17
   2006  174,186
36 SEMIRIO        I             $        10,000               5.00 %    Rio Tinto Shipping (Asia) Pte., Ltd., Singapore  20-Feb-15                      6-Feb-16                      14
                                $        4,800                5.00 %    SwissMarine Services S.A., Geneva                6-Feb-16                       6-Jan-17 - 6-May-17
   2007  174,261
37 BOSTON         I             $        13,000               4.75 %    Clearlake Shipping Pte. Ltd., Singapore          9-Aug-15                       25-May-17 - 24-Oct-17         11
   2007  177,828
Summary of Selected Financial & Other Data (unaudited)
                                                   Three months ended December 31,         Year ended December 31,
                                                        2015               2014                2015             2014
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
    Time charter revenues                      $        38,285       $     46,134      $       157,712     $    175,576
    Voyage expenses                                     3,424              3,457               15,528           10,665
    Vessel operating expenses                           23,578             22,336              88,272           86,923
    Net loss                                            (22,497 )          (6,235 )            (64,713 )        (10,268 )
    Net loss attributed to common stockholders          (23,939 )          (7,677 )            (70,482 )        (15,348 )
FLEET DATA
    Average number of vessels                           42.1               39.0                40.8             37.9
    Number of vessels                                   43.0               39.0                43.0             39.0
    Weighted average age of vessels                     7.4                7.1                 7.4              7.1
    Ownership days                                      3,870              3,588               14,900           13,822
    Available days                                      3,802              3,530               14,600           13,650
    Operating days                                      3,795              3,501               14,492           13,564
    Fleet utilization                                   99.8    %          99.2   %            99.3    %        99.4    %
AVERAGE DAILY RESULTS
    Time charter equivalent (TCE) rate (1)     $        9,169        $     12,090      $       9,739       $    12,081
    Daily vessel operating expenses (2)        $        6,093        $     6,225       $       5,924       $    6,289

_____________________

(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

(2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Wednesday, March 2, 2016.

Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13630282.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

(See financial tables attached)

DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                                                                                    Three months ended December 31,                Years ended December 31,
                                                                                         2015                  2014                    2015                   2014
REVENUES:                                                                                                                                                 (audited)
                              Time charter revenues                             $        38,285          $     46,134          $       157,712        $       175,576
EXPENSES:
                              Voyage expenses                                            3,424                 3,457                   15,528                 10,665
                              Vessel operating expenses                                  23,578                22,336                  88,272                 86,923
                              Depreciation and amortization of deferred charges          19,794                18,291                  76,333                 70,503
                              General and administrative expenses                        7,461                 7,481                   25,335                 26,217
                              Management fees to related party                           320                   -                       405                    -
                              Foreign currency gain                                      (427       )          (248       )            (984       )           (528       )
                              Operating loss                                             (15,865    )          (5,183     )            (47,177    )           (18,204    )
OTHER INCOME / (EXPENSES):
                              Interest and finance costs                                 (4,871     )          (2,166     )            (15,555    )           (8,427     )
                              Interest and other income                                  517                   884                     3,152                  3,627
                              Income from derivative instruments                         -                     -                       -                      68
                              Income/(loss) from equity method investments               (2,278     )          230                     (5,133     )           12,668
                              Total other income / (expenses), net                       (6,632     )          (1,052     )            (17,536    )           7,936
Net loss                                                                                 (22,497    )    $     (6,235     )    $       (64,713    )   $       (10,268    )
Dividends on series B preferred shares                                                   (1,442     )          (1,442     )            (5,769     )           (5,080     )
Net loss attributed to common stockholders                                               (23,939    )          (7,677     )            (70,482    )           (15,348    )
Loss per common share, basic and diluted                                        $        (0.30      )    $     (0.10      )    $       (0.89      )   $       (0.19      )
Weighted average number of common shares, basic and diluted                              79,681,727            79,595,251              79,518,009             81,292,290
                                                                                    Three months ended December 31,                Years ended December 31,
                                                                                         2015                  2014                    2015                   2014
                                                                                                                                                          (audited)
Net loss                                                                        $        (22,497    )    $     (6,235     )    $       (64,713    )   $       (10,268    )
Other comprehensive income / (loss) (Actuarial gain/(loss))                              1,016                 (911       )            1,016                  (911       )
Comprehensive loss                                                              $        (21,481    )    $     (7,146     )    $       (63,697    )   $       (11,179    )
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
                                                                                                              2015          2014
ASSETS                                                                                                        (unaudited)   (audited)
Cash and cash equivalents                                                                                   $ 193,218     $ 218,901
Other current assets                                                                                          21,795        19,333
Advances for vessels under construction and acquisitions and other vessel costs                               44,514        29,500
Vessels’ net book value                                                                                       1,440,803     1,373,133
Other fixed assets, net                                                                                       23,489        23,887
Due from related parties, non-current                                                                         43,750        50,866
Equity method investments                                                                                     62,487        67,546
Other non-current assets                                                                                      6,909         3,956
                                                      Total assets                                          $ 1,836,965   $ 1,787,122
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities, including current portion of long-term debt, net of deferred financing costs, current  $ 58,889      $ 98,092
Long-term debt, net of current portion and deferred financing costs, non-current                              559,087       405,522
Other non-current liabilities                                                                                 623           1,282
Total stockholders’ equity                                                                                    1,218,366     1,282,226
                                                      Total liabilities and stockholders’ equity            $ 1,836,965   $ 1,787,122
OTHER FINANCIAL DATA (unaudited)
                                            Three months ended December 31,        Years ended December 31,
                                                 2015               2014               2015                 2014
                                                                                                        (audited)
Net Cash provided by operating activities $      1,493        $     12,500       $     23,945       $       44,910
Net Cash used in investing activities            (78,219 )          (11,411 )          (155,637 )           (152,513 )
Net Cash provided by financing activities $      27,424       $     16,636       $     106,009      $       85,871
Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net

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