The origins of Diana in ship management go back even before 1907 where a company was built, which eventually controlled the entire fleet of Greek passenger ships that connected the Greek islands with the mainland. In 1972, Simon Palios set up a group of companies and a management company with the name Diana Shipping Agencies S.A. or DSA. Since its inception, DSA has concentrated on the management of various types of dry cargo and refrigerated vessels for principals associated with the group as well as for third parties. In 1986, another management company was created with the name Diana Shipping Services S.A. or DSS and until the mid-1990’s the company based its development on managing second hand ships. In 1996, it turned also to newbuilds and since then has managed several bulk carriers and containerships from Polish, South Korean and Chinese shipyards.

From the founding of Diana Shipping Inc., formerly known as Diana Shipping Investment Corp., the commercial and technical management of the fleet has been carried out by DSA pursuant to separate management agreements between each of the vessel owning subsidiaries and the fleet manager. From November 12, 2004 responsibility for the commercial and technical management of the fleet was transferred to Diana Shipping Services S.A., or DSS. As of April 1, 2006, DSS was acquired by Diana Shipping Inc., and the commercial and technical management of the fleet has been brought in-house.