Diana Shipping Completes Follow-On Offering

Diana Shipping Inc. announced the completion of its follow-on offering of 5,000,000 shares of common stock priced at $13.50 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 750,000 additional shares of the Company's common stock to cover any over-allotments.