Exhibit 12.1


CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
------------------------------------------------

I, Simeon Palios, certify that:

1.   I have reviewed this annual report on Form 20-F of Diana Shipping Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the Company as of, and for, the periods presented in this report;

4.   The  Company's  other  certifying  officer(s)  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f) for the Company and have:

     a)  designed  such  disclosure  controls  and  procedures,  or caused  such
     disclosure controls and procedures to be designed under our supervision, to
     ensure that  material  information  relating to the Company,  including its
     consolidated  subsidiaries,  is made  known to us by  others  within  those
     entities,  particularly  during the  period in which  this  report is being
     prepared;

     b) designed such internal control over financial reporting,  or caused such
     internal  control  over  financial  reporting  to  be  designed  under  our
     supervision,  to provide reasonable  assurance regarding the reliability of
     financial  reporting  and  the  preparation  of  financial  statements  for
     external  purposes  in  accordance  with  generally   accepted   accounting
     principles;

     c) evaluated the  effectiveness  of the Company's  disclosure  controls and
     procedures  and  presented  in  this  report  our  conclusions   about  the
     effectiveness of the disclosure  controls and procedures,  as of the end of
     the period covered by this report based on such evaluation; and

     d) disclosed in this report any change in the registrant's internal control
     over financial  reporting  that occurred  during the period covered by this
     annual report that has  materially  affected,  or is  reasonably  likely to
     materially  affect,  the  registrant's   internal  control  over  financial
     reporting.

5.   The Company's other certifying officers and I have disclosed,  based on our
     most recent evaluation of internal control over financial reporting, to the
     Company's  auditors and the audit  committee of the  registrant's  board of
     directors (or persons performing the equivalent function):

     a) all significant  deficiencies  and material  weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to  adversely  affect the  Company's  ability  to  record,  process,
     summarize and report financial information; and

     b) any fraud,  whether or not material,  that involves  management or other
     employees who have a significant  role in the  Company's  internal  control
     over financial reporting.

Date: June 11, 2007


                                                /s/ Simeon Palios
                                                -----------------
                                                    Simeon Palios
                                                    Chief Executive Officer