Diana Shipping Inc. (NYSE: DSX) is a global provider of shipping transportation services. We specialize in the ownership and operation of dry bulk vessels. As of May 21, 2013 our fleet consists of 32 dry bulk carriers (2 Newcastlemax, 8 Capesize, 3 Post-Panamax, 2 Kamsarmax and 17 Panamax), as well as one Capesize vessel expected to be delivered to the Company by the end of May 2013, two new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013 and two new-building Newcastlemax vessels expected to be delivered to the Company during the second quarter of 2016. As of the same date, the combined carrying capacity of our current fleet, excluding the five vessels not yet delivered, is approximately 3.5 million dwt with a weighted average age of 6.2 years.

Diana Shipping also owns approximately 10,4% of the issued and outstanding shares of Diana Containerships Inc. (NASDAQ: DCIX), a global shipping company that as of May 21, 2013 owns and operates eight Panamax container vessels as well as two Panamax container vessels  the “Malacca" (ex Maersk Malacca) and the “Merlion” (ex Maersk Merlion) that have been sold by Diana Containerships Inc. and are expected to be delivered to their new owners in early June 2013.

Among the distinguishing strengths that we believe provide us with a competitive advantage in the dry bulk shipping industry are the following:

• We own a modern, high quality fleet of dry bulk carriers.
• Our fleet includes groups of sister ships, providing operational and scheduling flexibility, as well as cost efficiencies.
• We have an experienced management team.
• We manage our vessel operations internally.
• We benefit from strong relationships with members of the shipping and financial industries.
• We have a strong balance sheet and a low level of indebtedness. 

Our main objective is to manage and expand our fleet in a manner that will enable us to enhance shareholder value. To accomplish this objective, we intend to pursue highly focused business strategies, including: continuing to operate a high quality fleet; strategically expanding the size of our fleet; pursuing an appropriate balance of short-term and long-term time charters; maintaining a strong balance sheet; and maintaining low cost, highly efficient operations. In addition, we intend to capitalize on our reputation for high standards of performance, reliability and safety to establish and maintain relationships with major international charterers and financial institutions.

MANAGEMENT:

Simeon P. Palios, Chief Executive Officer

Anastasios C. Margaronis, President

Andreas Michalopoulos, Chief Financial Officer and Treasurer

Ioannis Zafirakis, Executive Vice-President and Secretary

Maria Dede, Chief Accounting Officer