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ANNUAL REPORT 2016 Corporate Profile

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ANNUAL REPORT 2016 Corporate Profile ANNUAL REPORT 2016 Corporate Profile Diana Shipping Inc. (NYSE: DSX) is a global provider of shipping transportation services. We specialize in the ownership of dry bulk vessels. As of April 28, 2017 our fleet consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects to take delivery of one Post-Panamax dry bulk vessel by the middle of May 2017, one Post-Panamax dry bulk vessel by the middle of June 2017 as well as one Kamsarmax dry bulk vessel by the middle of June 2017. As of the same date, the combined carrying capacity of our fleet, excluding the three vessels not yet delivered, is approximately 5.7 million dwt with a weighted average age of 7.91 years. Our fleet is managed by our wholly-owned subsidiary Diana Shipping Services S.A. and our established 50/50 joint venture with Wilhelmsen Ship Management named Diana Wilhelmsen Management Limited in Cyprus. Diana Shipping Inc. also owns approximately 25.7% of the issued and outstanding shares of Diana Containerships Inc. (NASDAQ: DCIX), a global provider of shipping transportation services through its ownership of containerships, that currently owns and operates twelve container vessels (6 Post-Panamax and 6 Panamax). 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 benefit from the experience and reputation of Diana Shipping Services S.A. and the relationship with Wilhelmsen Ship Management through the Diana Wilhelmsen Management Limited joint venture. > 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: maintaining 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 Diana Shipping Inc. Fleet List Panamax Gearless Bulk Carriers Name of Vessel Size (deadweight tons) Year Built Builder Classification Society Danae 75,106 2001 Samho Heavy Industries Co., Ltd. Det Norske Veritas - Germanischer Lloyd Dione 75,172 2001 Samho Heavy Industries Co., Ltd. Lloyd's Register Nirefs 75,311 2001 Samho Heavy Industries Co., Ltd. Lloyd's Register Alcyon 75,247 2001 Samho Heavy Industries Co., Ltd. Det Norske Veritas - Germanischer Lloyd Triton 75,336 2001 Samho Heavy Industries Co., Ltd. Det Norske Veritas - Germanischer Lloyd Oceanis 75,211 2001 Samho Heavy Industries Co., Ltd. Det Norske Veritas - Germanischer Lloyd Thetis 73,583 2004 Jiangnan Shipyard (Group) Co., Ltd. Bureau Veritas Protefs 73,630 2004 Jiangnan Shipyard (Group) Co., Ltd. Det Norske Veritas - Germanischer Lloyd Calipso 73,691 2005 Jiangnan Shipyard (Group) Co., Ltd. Det Norske Veritas - Germanischer Lloyd Clio 73,691 2005 Jiangnan Shipyard (Group) Co., Ltd. Bureau Veritas Naias 73,546 2006 Jiangnan Shipyard (Group) Co., Ltd. Bureau Veritas Arethusa 73,593 2007 Jiangnan Shipyard (Group) Co., Ltd. Bureau Veritas Erato 74,444 2004 Hudong-Zhongua Shipbuilding (Group) Co., Ltd. Bureau Veritas Coronis 74,381 2006 Hudong-Zhongua Shipbuilding (Group) Co., Ltd. Bureau Veritas Melite 76,436 2004 Tsuneishi Corp., Tadotsu Nippon Kaiji Kyokai Melia 76,225 2005 Tsuneishi Corp., Tadotsu Nippon Kaiji Kyokai Artemis 76,942 2006 Namura Shipbuilding Co., Ltd. Nippon Kaiji Kyokai Leto 81,297 2010 Universal Shipbuilding Corp. Lloyd's Register Selina 75,700 2010 Jiangnan Shipyard (Group) Co., Ltd. Bureau Veritas Maera 75,403 2013 Jiangnan Shipyard (Group) Co., Ltd. Bureau Veritas Ismene 77,901 2013 Jiangnan Shipyard (Group) Co., Ltd. Det Norske Veritas - Germanischer Lloyd Crystalia 77,525 2014 Jiangnan Shipyard (Group) Co., Ltd. Det Norske Veritas - Germanischer Lloyd /China Classification Society Atalandi 77,529 2014 Jiangnan Shipyard (Group) Co., Ltd. Det Norske Veritas - Germanischer Lloyd/China Classification Society Kamsarmax Bulk Carriers Name of Vessel Size (deadweight tons) Year Built Builder Classification Society Maia 82,193 2009 Tsuneishi Shipbuilding Co., Ltd. Nippon Kaiji Kyokai Myrsini 82,117 2010 Tsuneishi Shipbuilding Co., Ltd. Rina Medusa 82,194 2010 Tsuneishi Shipbuilding Co., Ltd. Nippon Kaiji Kyokai Myrto 82,131 2013 Tsuneishi Shipbuilding Co., Ltd. Nippon Kaiji Kyokai Post-Panamax Bulk Carriers Name of Vessel Size (deadweight tons) Year Built Builder Classification Society Alcmene 93,193 2010 Jiangsu New Yangzi Shipbuilding Co. Ltd. Bureau Veritas Amphitrite 98,697 2012 Tsuneishi Group (Zhoushan) Shipbuilding Inc. Nippon Kaiji Kyokai Polymnia 98,704 2012 Tsuneishi Group (Zhoushan) Shipbuilding Inc. Nippon Kaiji Kyokai Capesize Bulk Carriers Name of Vessel Size (deadweight tons) Year Built Builder Classification Society Norfolk 164,218 2002 China Shipbuilding Corp., Kaohsiung Yard Bureau Veritas Aliki 180,235 2005 Imabari Shipbuilding, Saijo Shipyard Nippon Kaiji Kyokai Baltimore 177,243 2005 Namura Shipbuilding Co., Ltd. Nippon Kaiji Kyokai Salt Lake City 171,810 2005 Daewoo Shipbuilding & Marine Engineering Co. Ltd. Bureau Veritas Sideris GS 174,186 2006 Shanghai Waigaoqiao Shipbuilding Co., Ltd. Bureau Veritas Semirio 174,261 2007 Shanghai Waigaoqiao Shipbuilding Co., Ltd. Bureau Veritas Boston 177,828 2007 Shanghai Waigaoqiao Shipbuilding Co., Ltd. Bureau Veritas Houston 177,729 2009 Shanghai Waigaoqiao Shipbuilding Co., Ltd.* Bureau Veritas New York 177,773 2010 Shanghai Waigaoqiao Shipbuilding Co., Ltd. Bureau Veritas Seattle 179,362 2011 Hyundai Heavy Industries Co., Ltd. Nippon Kaiji Kyokai P. S. Palios 179,134 2013 Hyundai Heavy Industries Co., Ltd. Bureau Veritas G. P. Zafirakis 179,492 2014 Qingdao Beihai Shipbuilding Heavy Industry Co., Ltd. Lloyd's Register Santa Barbara 179,426 2015 Qingdao Beihai Shipbuilding Heavy Industry Co., Ltd. Lloyd's Register New Orleans 180,960 2015 Shanghai Waigaoqiao Shipbuilding Co., Ltd. American Bureau of Shipping Newcastlemax Bulk Carriers Name of Vessel Size (deadweight tons) Year Built Builder Classification Society Los Angeles 206,104 2012 Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd. Bureau Veritas/China Classification Society Philadelphia 206,040 2012 Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd. Bureau Veritas/China Classification Society San Francisco 208,006 2017 Jiangnan Shipyard (Group) Co., Ltd. Bureau Veritas/China Classification Society Newport News 208,021 2017 Jiangnan Shipyard (Group) Co., Ltd. Bureau Veritas/China Classification Society Vessels to be delivered Name of Vessel Size (deadweight tons) Year Built Builder Classification Society Soya May (tbr. Phaidra) 87,146 2013 Hudong-Zhongua Shipbuilding (Group) Co., Ltd. American Bureau of Shipping Grain May (tbr. Electra) 87,150 2013 Hudong-Zhongua Shipbuilding (Group) Co., Ltd. American Bureau of Shipping Seatrust (tbr. Astarte) 81,513 2013 Daewoo Shipbuilding & Marine Engineering Co. Ltd. American Bureau of Shipping Αs of April 28, 2017. *Built jointly with Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd ANNUAL REPORT 2016 ■ 1 DIANA SHIPPING INC. - 2016 ANNUAL REPORT 2 ■ ANNUAL REPORT 2016 DIANA SHIPPING INC. - 2016 ANNUAL REPORT LETTER TO SHAREHOLDERS ANNUAL REPORT 2016 ■ 3 To Our Shareholders: The global dry bulk marketplace remained challenging in 2016. By year-end, however, there were some early signs that an increase in demand for certain bulk commodities, the continuation of an aggressive approach to scrapping, and greater discipline in the area of newbuildings may support a more encouraging view of the industry going forward. That said, we do not take the possibility of an improvement in the industry cycle for granted. Thus, we continue to manage Diana Shipping Inc. to maintain our financial strength and operational flexibility, while managing our fleet in the most effective way to take advantage of the possibility of better conditions in the future. Strategic Fleet Management. As reported in the past, the Company has in recent years pursued a strategy of taking advantage of our financial capacity and prevailing market conditions to selectively expand and diversify our fleet within the dry bulk sector. In this regard, we acquired three modern Panamax dry bulk vessels, which were delivered in the first half of 2016: Ismene, a 2013-built vessel; Selina, a 2010-built vessel, and Maera, a 2013-built vessel. While the enlargement of our fleet is intended to position the Company for the long-term, we have recently taken a more cautious approach to fleet expansion in response to the persistent weakness of the dry bulk market. In October 2016, we cancelled a shipbuilding contract for a Kamsarmax dry bulk carrier due to a delay in delivery, and subsequently received a refund of all pre-delivery installment payments plus interest of approximately US$9.4 million. In December 2016, we negotiated
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