We create to share Financial Results for the 3rd Quarter of 2021 November 17, 2021

ForwardLookingStatements Cautionary statementregarding onward-lookingstatements This presentation does not constitute or form part of and should not be construed as an offer to sell any security or an invitation, solicitation, or inducement to purchase or subscribe for any security. This presentation should not be construed and does not constitute either advice or a recommendation regarding the purchase, holding or sale of any security. No representations or warranties, express or implied, are given in, or in respect of the accuracy or completeness of any information included in, this presentation. Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no obligation, except as required by law, to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the severity, magnitude and duration of the continuing COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise We create to share 2

Director & President AnastasiosMargaronis Director &Chief Executive Officer SemiramisPaliou Director,Chief Financial Officer,Chief Strategy Officer, Secretary & Treasurer IoannisZafirakis Our Executives Company’s confidence stems from our established track record We create to share 3 Chief Operating Officer Eleftherios Papatrifon MariaDede Chief Accounting Officer

people across sea & ashore 856**** We create to share 4 36 vesselsin the water 6 vesselsmortgage free** 98.9% AVERAGE FLEET UTILIZATION*** Diana’s key points 31 vessels managed by Diana Shipping Services S.A. 5 vessels managed by Diana Wilhelmsen Management Limited *m/v Magnolia (tbr. Leonidas P. C.) expected to be delivered to the Company by February 28, 2022**As of November 11, 2021***For the nine months ended September 30, 2021****As of September 30, 2021Source: Company +1 vessel TBD*

We create to share 5 Highlights of the 3rd Quarter 2021 and recent developments Strongest nine months results since 2012In November 2021, paid a cash dividend in the amount of US$0.10 per common share to shareholders In October 2021, received approval for the listing of the common shares of OceanPal Inc. on the Nasdaq Capital Market under the ticker symbol “OP”, as a result of the spin-off transactionIn October 2021, released the 2020 Environmental, Social and Governance ReportIn September 2021, repurchased the remaining portion of the 9.5% senior unsecured bonds due in 2023In August 2021, repurchased 3,333,333 common shares at a price of $4.50 per shareIn July 2021, agreed to acquire a 2011 Japanese built Kamsarmax dry bulk vessel for a purchase price of $22mSecured US$209m contracted revenues for 97% of the total 2021 days and also secured US$83.2m for the 27% of the total 2022 days

We create to share 6 Financial Highlights for the 3rd Quarter 2021 TC Revenues $57.3m $42.3m Earnings/(Loss) per common share, diluted $0.16 ($0.17) Three months ended September 30, 2021 2020 Source: Company’s filings with the U.S. Securities and Exchange Commission Cash, Cash Equivalents and Restricted cash $146.2m $82.9m Long-term debt, net of deferred financing costs $434.7m $420.3m September 30, 2021 December 31, 2020

We create to share 7 Recent Chartering Activity* We secured charters on 11 vessels*9 Panamax/Kamsarmax/Post-Panamax vessels chartered at a weighted average daily rate of $25,858 for a remaining average period of 336 days per vessel**, compared to weighted average daily rate of $25,693 for previous quarter’s chartering activity.2 Capesize vessels chartered at a weighted average daily rate of $33,437 for a remaining average period of 148 days per vessel**, compared to weighted average daily rate of $25,957 for previous quarter’s chartering activity. Fixed Period ** Previous Charter Period *As of November 9, 2021**Earliest redelivery dateSource: Company’s filings with the U.S. Securities and Exchange Commission VESSEL TYPE BUILT RATE Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Atalandi Panamax 2014 $24,500 Leto Panamax 2010 $25,500 Myrsini Kamsarmax 2010 $22,000 Amphitrite Post-Panamax 2012 $27,000 Crystalia Panamax 2014 $26,100 Maera Panamax 2013 $26,000 Myrto Kamsarmax 2013 $28,500 Houston Capesize 2009 $27,000 Phaidra Post-Panamax 2013 $28,000 Selina Panamax 2010 $26,500 Baltimore Capesize 2005 $56,000

We create to share 8 Income Statement* $ Millions $ Millions Time charter revenues 57.3 42.3 Expenses Voyage expenses 0.7 2.9 Vessel operating expenses 18.8 21.3 Depreciation and amortization of deferred charges 10.3 9.4 General and administrative expenses 7.2 9.5 Management fees to related party 0.3 0.5 Vessel impairment charges - 6.8 (Gain)/Loss on sale of vessels (1.6) - Other loss 0.3 0.3 Operating Income/(Loss) 21.3 (8.4) Interest expense and finance costs (5.7) (4.9) Interest income - 0.1 (Loss)/gain on extinguishment of debt (0.8) 0.4 Loss from equity method investment (0.1) (0.3) Total other expenses, net (6.5) (4.8) Net Income/(Loss) 14.7 (13.2) Dividends on series B preferred shares (1.4) (1.4) Net Income/(Loss) attributed to common stockholders 13.3 (14.6) Earnings/(Loss) per common share, basic 0.17 (0.17) Earnings/(Loss) per common share, diluted 0.16 (0.17) Three months ended September 30, 2021 2020 *The statement may include rounding differencesSource: Company’s filings with the U.S. Securities and Exchange Commission

We create to share 9 Income Statement* $ Millions $ Millions Time charter revenues 145.4 127.1 Expenses Voyage expenses 4.7 10.5 Vessel operating expenses 56.6 63.4 Depreciation and amortization of deferred charges 30.4 32.7 General and administrative expenses 21.1 25.7 Management fees to related party 1.2 1.5 Vessel impairment charges - 102.5 (Gain)/Loss on sale of vessels (1.4) 1.1 Other loss 0.3 0.1 Operating Income/(Loss) 32.4 (110.6) Interest expense and finance costs (15.0) (16.9) Interest income 0.1 0.7 (Loss)/gain on extinguishment of debt (1.0) 0.4 Loss from equity method investment (0.3) (0.4) Total other expenses, net (16.2) (16.2) Net Income/(Loss) 16.3 (126.8) Dividends on series B preferred shares (4.3) (4.3) Net Income/(Loss) attributed to common stockholders 11.9 (131.1) Earnings/(Loss) per common share, basic 0.15 (1.53) Earnings/(Loss) per common share, diluted 0.14 (1.53) *The statement may include rounding differencesSource: Company’s filings with the U.S. Securities and Exchange Commission Nine months ended September 30, 2021 2020

We create to share 10 Balance Sheet* *The statement may include rounding differences**Net of deferred financing costs of $8.7 million.***Includes $18.0 million restricted cash.Source: Company’s filings with the U.S. Securities and Exchange Commission As of September 30, 2021$435 million Total Debt**$146.0 million of Cash***Net Debt of $297 million September 30, 2021 December 31, 2020 Assets $ Millions $ Millions Cash, cash equivalents and restricted cash 146.2 82.9 Other current assets 14.7 41.8 Vessels, net 682.1 716.2 Other fixed assets, net 25.9 21.7 Other non-current assets 9.8 9.9 Total Assets 878.8 872.4 Liabilities and Stockholders’ Equity Long-term debt, net of deferred financing costs 434.7 420.3 Other liabilities 28.2 23.5 Total stockholders’ equity 415.9 428.6 Total Liabilities and Stockholders’ Equity 878.8 872.4

We create to share 11 Summary of Selected Financial & Other Data Statement of Operations Data ($ Millions) Time charter revenues 57.3 42.3 Voyage expenses 0.7 2.9 Vessel operating expenses 18.8 21.3 Net income/(loss) 14.7 (13.2) Net income/(loss) attributed to common stockholders 13.3 (14.6) Fleet data Average number of vessels 36.3 40.4 Number of vessels 36.0 40.0 Weighted average age of vessels 10.5 10 Ownership days 3,342 3,719 Available days 3,302 3,670 Operating days 3,253 3,572 Fleet utilization 98.5% 97.3% Average Daily Results Time charter equivalent (TCE) rate* 17,143 10,735 Daily vessel operating expenses** 5,635 5,732 Three months ended September 30, 2021 2020 *Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. **Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. Source: Company’s filings with the U.S. Securities and Exchange Commission

We create to share 12 Summary of Selected Financial & Other Data Statement of Operations Data ($ Millions) Time charter revenues 145.4 127.1 Voyage expenses 4.7 10.5 Vessel operating expenses 56.6 63.4 Net income/(loss) 16.3 (126.8) Net income/(loss) attributed to common stockholders 11.9 (131.1) Fleet data Average number of vessels 37.2 41.1 Number of vessels 36.0 40.0 Weighted average age of vessels 10.5 10.0 Ownership days 10,143 11,251 Available days 10,055 10,695 Operating days 9,945 10,410 Fleet utilization 98.9% 97.3% Average Daily Results Time charter equivalent (TCE) rate* 13,984 10,900 Daily vessel operating expenses** 5,577 5,639 *Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. **Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. Source: Company’s filings with the U.S. Securities and Exchange Commission Nine months ended September 30, 2021 2020

Current Debt Amortization Profile We create to share 13

We create to share 14 Breakeven Costs Modest All-in *As of September 30, 2021**As of September 30, 2021, adjusted for non-cash items. Includes management fees to Diana Wilhelmsen Management Limited.***Assumes earliest redelivery dates of all vessels on charter. Source: Company Per DayPer Vessel Free Cash FlowBreakeven=$13,948 As of November 10, 2021 2021 2022 Average Daily Time Charter Rate of Fixed Revenues*** $16,097 $25,209 % of Total Fixed Days 97% 27%

We create to share 15 *From November 10, 2021**As of September 30, 2021 (slide 15)*** Assumes vessels fixed for 12 months upon redelivery to owners from previous charter**** As of November 12, 2021Source: Company’s filings with the U.S. Securities and Exchange Commission Panamax Kamsarmax Post-Panamax Capesize Newcastlemax Q4 2021 $23,134 $24,470 $23,134 $26,972 $32,366 Q1 2022 $19,288 $20,624 $19,288 $15,222 $18,266 Q2 2022 $19,243 $20,579 $19,243 $19,654 $23,585 Q3 2022 $17,321 $18,657 $17,321 $24,714 $29,657 Q4 2022 $16,143 $17,479 $16,143 $22,914 $27,497 Q1 2023 $12,771 $14,107 $12,771 $13,557 $16,268 Q2 2023 $12,789 $14,125 $12,789 $14,858 $17,830 Q3 2023 $13,112 $14,448 $13,112 $18,279 $21,934 Q4 2023 $13,112 $14,448 $13,112 $18,279 $21,934 FFA rates**** used for the unfixed revenues calculation Breakeven vs Estimated Revenue for the remainder of 2021 & 2022 *

We create to share 16 Dry Bulk Market Overview Source: Clarksons SIN

Source: Clarksons SIN We create to share 17 4.9% 8.2% 3.6% 12.7% Key demand drivers CAGR (2000-f2021)

We create to share 18 Major Seaborne Commodity Prices Source: Clarksons SIN Increase YTDChinese Steel +36%US Wheat +31%US Corn +23%Chinese Iron Ore -21%Australian Thermal Coal +185%

Source: Clarksons SIN We create to share 19 orderbook is at a historical low Dry bulk The dry bulk orderbook is at a 20-year low point, total orderbook in % of total fleet is <7%

Diana Shipping Inc.’s Summary Robust balance sheet and low cash flow breakeven points Strong positive cash flows, enhancing the ability to pay quarterly dividends Conditions accommodate potential growth and fleet renewal We create to share 20 Maintain disciplined strategy, which protects the downside and allows for shareholder value generation throughout the various market cycles

Q & A

Appendix

Non-speculative & disciplined employment *The charter rate is $17,750 per day for the first one hundred five (105) days of the charter period.**Vessel sold and delivered to her new owners on July 30, 2021.***As of November 10, 2021Source: Company Fixed Period Previous Charter Period strategy Average contract duration0.98 years Secured Revenues $209m*** for the year 2021 Average Daily TC Rate of Fixed Revenues16,097*** for the year 2021