Diana closes US$80.5 million public offering

Athens - Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today closed its previously announced underwritten public offering of a total of 20,125,000 common shares, par value US$0.01 per share, at a price of US$4.00 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 2,625,000 additional common shares. Following this offering, the Company has 106,131,017 common shares outstanding, par value US$0.01 per share.

As part of the offering, entities affiliated with Simeon Palios, the Company’s Chief Executive Officer and Chairman, executive officers and certain directors, purchased an aggregate of 5,500,000 common shares at the public offering price. The gross proceeds from the offering before underwriting discounts and other offering expenses were US$80.5 million.

Substantially all of the net proceeds of the offering are expected to be used to fund the acquisition costs of additional dry bulk vessels, including two 2013-built Post-Panamax dry bulk vessels that the Company has agreed to purchase from unaffiliated third parties and one 2013-built Kamsarmax dry bulk vessel that the Company has agreed to purchase from an unaffiliated third party.

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