----

----

|   | (1) | DIANA SHIPPING INC., being a corporation      incorporated in the Marshall Islands whose registered office is at The      Trust Company Complex, Ajeltake Island, PO Box 1405, Majuro, The Marshall      Islands MI-196960 (the “Borrower”); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | BUENOS AIRES COMPANIA ARMADORA      CERADA INTERNATIONAL S.A., CHORRERA      COMPANIA ARMADORA S.A., CYPRES ENTERPRISES CORP., DARIEN COMPANIA ARMADORA      S.A., EATON MARINE S.A., HUSKY TRADING S.A., PANAMA COMPANIA ARMADORA      S.A., SKYVAN SHIPPING COMPANY S.A. and      TEXFORD MARITIME      S.A. each being incorporated in Panama whose registered      office is at HSBC Bank Building, Sixth Floor, Samuel Lewis Avenue, Panama      City, Panama (together, the “Existing      Owners”); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | URBINA BAY TRADING S.A. and CHANGAME COMPANIA ARMADORA S.A., each      being incorporated in Panama whose registered office is at HSBC Bank      Building, Sixth Floor, Samuel Lewis Avenue, Panama City, Panama (together      the “New  Owners”); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | THE ROYAL BANK OF SCOTLAND      plc, acting through the      Shipping Business Centre at 5-10 Great Tower Street, London EC3P 31-IX      (the “Lender”). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| BACKGROUND |
|------------|

|   | (A) | By      a loan agreement dated 18 February 2005 (the “Facility Agreement”) and made between (i)      the Borrower and (ii) the Lender, the Lender has made available to the      Borrower a revolving credit facility of (originally) up to      US$230,000,000. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | By      an ISDA master agreement (on the 1992 ISDA Master Agreement      (Multicurrency-Crossborder) form) as amended, dated 18 February 2005 made      between the Borrower and the Lender, the Borrower may enter into certain      Transactions (as such term is defined in the Master Agreement) from time      to time pursuant to separate Confirmations (as such term      is defined in the Master Agreement), providing for, amongst other things,      the payment of certain amounts by the Borrower to the    Lender. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | This      Agreement sets out the terms and conditions on which the Lender agrees,      with effect on and from the Effective Date, at the request of the Security      Parties to amend the terms and conditions applicable to the Facility      Agreement in (inter alia) the following  respects: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      increase of the amount of the Facility to up to    $300,000,000; |
|--------|-----|---------------------------------------------------------------------------|

|   | (ii) | the      extension of the repaymentschedule; |
|--------|------|----------------------------------------------|

|   | (iii) | the      amendment of the Margin; and |
|--------|-------|---------------------------------------|

|   | (iv) | the      amendment of the Borrower’s financialcovenants, |
|--------|------|----------------------------------------------------------------|

----

| 1.1 | Defined expressions.       Words and expressions defined in the Facility Agreement shall have      the same meanings when used in this Agreement unless the context otherwise      requires. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | Definitions.  In      this Agreement, unless the contrary intention  appears: |
|-----|------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| “Additional General      Assignment” means, in relation to each Additional Ship, a general      assignment of the Earnings, Insurances and any Requisition Compensation of      that Additional Ship executed or to be executed by the relevant New Owner      in favour of the Lender substantially in the form set out in Appendix 5      (or in such other form as the Lender may approve or    require);                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “Additional Guarantee”      means, in relation to each New Owner, the Guarantee by that New Owner of      the Borrower’s liabilities under the Facility Agreement, the Master      Agreement and the Finance Documents (each as amended and restated or      supplemented by this Agreement) executed or to be executed by the relevant      New Owner in favour of the Lender substantially in the form set out in      Appendix 3 (or in such other form as the Lender may      approve or require); |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “Additional Mortgage”      means, in relation to each Additional Ship, the first priority or      preferred ship mortgage on that Additional Ship and, if required by the      Approved Flag State, a collateral deed of covenants, executed or to be      executed by the relevant New Owner in favour of the Lender substantially      in the form set out in Appendix 4 (or in such other form as the Lender may      approve or require);                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “Additional Ship” means      either of the ships more particularly described in Schedule 1, and in the      singular means either of them;                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “Amended and Restated Facility      Agreement” means the Facility Agreement as amended and restated by      this Agreement in the form set out in Appendix 1;                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “Chorrera Mortgage      Addendum” means the addendum to the Mortgage in respect of m.v.      “DIONE” executed or to be executed by Chorrera Compania Annadora S.A. in      favour of the Lender substantially in the form set out in Appendix 2 (or      in such other form as the Lender may approve or  require);                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “Eaton Mortgage Addendum”      means the addendum to the Mortgage in respect of m.v. “DANAE” executed or      to be executed by Eaton Marine S.A. in favour of the Lender substantially      in the form set out in Appendix 2 (or in such other form as the Lender may      approve or require);                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “Effective Date” means      the date on which the conditions precedent in Clause 3 are satisfied;      and                                                                                                                                                                                                                                                                                                                                                                                                   |

|                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| “Mortgage Addenda” means      together the Chorrera Mortgage Addendum and the Eaton Mortgage Addendum,      and in the singular means either ofthem. |

----

| 1.3 | Application of construction and interpretation      provisions of Loan Agreement. Clauses 1.2 and 1.5 of the Loan      Agreement apply, with any necessary modifications, to this      Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | AGREEMENT      OF THE LENDER |
|---|------------------------------|

| 2.1 | Agreement of the Lender.      The Lender agrees, subject to and upon the terms and conditions of this Agreement,      to: |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (a) | the      matters described in Recital (C);and |
|-----|-----------------------------------------------|

| (b) | the      consequential amendment of the Facility Agreement and the other Finance      Documents in connection with those matters to be made pursuant to Clauses      5.1, 5.2 and 5.3; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the      release of the existing Negative Pledge  Agreements. |
|-----|---------------------------------------------------------------|

| 2.2 | Effective      Date. The      agreement of the Lender contained in Clause 2.1 shall have effect on      and from the Effective Date. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Release of Negative Pledge      Agreements. With effect on and from the Effective Date, the Lender      releases all Security Interests created in its favour by a Security Party      pursuant to the Negative PledgeAgreements. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1 | General. The agreement      of the Lender contained in Clause 2.1 is subject to the fulfilment      of the conditions precedent in Clause  3.2. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Conditions precedent. The      conditions referred to in Clause 3.1 are that the Lender shall have      received the following documents and evidence in all respects in form and      substance satisfactory to the Lender and its lawyers on or before 2 May      2006 or such later date as the Lender may agree with the Borrower and the      other Security Parties: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | documents      of the kind specified in Schedule 2, Part A, paragraphs 2, 3, 4 and 5 of      the Facility Agreement as amended and supplemented by this Agreement and      updated with appropriate modifications to refer to this Agreement and the      Additional Finance Documents; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | a      duly executed original of this Agreement and each Additional Finance      Document (and each document to be delivered pursuant to their terms) duly      executed by the parties to it; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | documentary      evidence that: |
|-----|---------------------------------|

|   | (i) | each      Additional Ship is registered in the ownership of the relevant New Owner      under      an Approved Flag; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each      Additional Ship is in the absolute and unencumbered ownership of the      relevant New Owner save as contemplated by the Finance Documents relative      thereto; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | each      Additional Ship maintains the highest classification available to ships of      the same type, specification and age of such Ship with a classification      society which is a member of the International Association of      Classification Societies free of all overdue recommendations and      conditions of such Classification Society affecting  class; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | each      Additional Ship is insured in accordance with the provisions of the      Amended and Restated Facility Agreement and all requirements therein in      respect of insurances, have been complied with;  and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | the      Additional Mortgage relating to each Additional Ship has been duly      registered or recorded against such Additional Ship as a valid first      priority or preferred ship mortgage in accordance with the laws of the      relevant Approved Flag State; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | documents      establishing that each Additional Ship is managed by the Approved Manager      on      terms acceptable to the Lender, together.      with: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a      letter of undertaking executed by the Approved Manager in favour of the      Lender in the terms required by the Lender agreeing certain matters in      relation to the management of such Additional Ship and subordinating the      rights of the Approved Manager against such Additional Ship and the      relevant New Owner to the rights of the Lender under the Finance      Documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | copies      of the Document of Compliance and Safety Management Certificate issued      pursuant to the ISM Code in respect of each Additional    Ship; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | a      duly executed original of each Mortgage  Addendum; |
|-----|-----------------------------------------------------------|

| (f) | documentary      evidence that each Mortgage Addendum has been duly registered against the      relevant Ship as a valid addendum to the relevant Mortgage according to      the laws of Greece; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | any      further opinions, consents, agreements and documents in connection with      this Agreement and the Finance Documents which the Lender may request by      notice to the Borrower prior to the Effective  Date; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | evidence      that all commitment commission payable under Clause 20.1(b) of the      Facility Agreement accrued up to the Effective Date has been paid in      full. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | REPRESENTATIONS      AND WARRANTIES |
|---|-------------------------------------|

| 4.1 | Repetition of Facility      Agreement representations and warranties. The Borrower represents      and warrants to the Lender that the representations and warranties in      clause 10 of the Facility Agreement, as amended and restated by this      Agreement and updated with appropriate modifications to refer to this      Agreement and, where appropriate, the Additional Finance Documents, remain      true and not misleading if repeated on the date of this Agreement with      reference to the circumstances nowexisting. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Repetition of Finance Document representations      and warranties. The Borrower and each of the Security Parties      represents and warrants to the Lender that the representations and      warranties in the Finance Documents (other than the Facility Agreement) to      which it is a party, as amended and restated by this Agreement and updated      with appropriate modifications to refer to this Agreement and, where      appropriate, the Additional Finance Documents, remain true and not      misleading if repeated on the date of this Agreement with reference to the      circumstances now existing. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5 | AMENDMENT      AND RESTATEMENT OF FACILITY AGREEMENT AND OTHER      FINANCE DOCUMENTS |
|---|---------------------------------------------------------------------------------------|

| 5.1 | Specific amendments to Facility Agreement. With      effect on and from the Effective Date the Facility Agreement shall be, and      shall be deemed by this Agreement to be amended and restated in the form      of the Amended and Restated Facility Agreement. The Effective Date shall      constitute the Availability Date under the Facility Agreement as so      amended and restated. As so amended and restated, the Facility Agreement      shall continue to be binding on each of the parties to it in accordance      with its terms as so amended andrestated. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Amendments to Master Agreement.      With effect on and from the Effective Date the Master Agreement      shall be, and shall be deemed by this Agreement to be, amended so that the      definition of, and references throughout to, the Loan Facility and the      Credit Support Documents shall be construed as if the same referred to the      Facility Agreement and those Credit Support Documents as amended and      restated or supplemented by this Agreement and the Mortgage      Addenda. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Amendments to Finance      Documents. With effect on and from the Effective Date each of the      Finance Documents other than the Facility Agreement and any Mortgage which      is amended and supplemented by a Mortgage Addendum, shall be, and shall be      deemed by this Agreement to be amended as  follows: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      definition of, and references throughout each of the Finance Documents to,      the Facility Agreement and any of the other Finance Documents shall be      construed as if the same referred to the Facility Agreement and those      Finance Documents as amended and restated or supplemented by this      Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      definition of, and references throughout each of the Finance Documents to,      a Mortgage shall, where applicable, be construed as if the same referred      to that Mortgage as amended and supplemented by the relevant Mortgage      Addendum; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | by      construing references throughout each of the Finance Documents to “this      Agreement”, “this Deed”, “hereunder” and other like expressions as if the      same referred to such Finance Documents as amended and supplemented by      this Agreement; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | references      throughout each of the Finance Documents to “$230,000,000” shall be replaced      with “$300,000,000”. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Finance Documents to remain in full force and      effect. The Finance Documents shall remain      in full force and effect, as amendedby: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      amendments contained or referred to in Clauses 5.1, 5.2 and 5.3 and the      Mortgage Addenda;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (b) | such      further or consequential modifications as may be necessary to give full      effect to the terms      of this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Confirmation of Guarantees.      Each Guarantee, as amended by this Agreement, shall remain in full      force and effect and shall extend to all amounts payable by the Borrower      under or in connection with the Facility Agreement (as amended and      restated by this Agreement) and the Master Agreement and each other      Finance Document (each as amended by this  Agreement). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.1 | Borrower’s and each Security      Party’s obligation to execute further documents      etc. |
|-----|---------------------------------------------------------------------------------------------------------|

|   | The      Borrower and each Security Partyshall: |
|--------|-------------------------------------------------|

| (a) | execute      and deliver to the Lender (or as it may direct) any assignment, mortgage,      power of attorney, proxy or other document, governed by the law of England      or such other country as the Lender may, in any particular case,      specify; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)    | effect      any registration or notarisation, give any notice or take any other      step;                                                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                  |
|   | which      the Lender may, by notice to the Borrower or that Security Party, specify      for any of the purposes described in Clause 6.2 or for any similar or      related purpose. |

| 6.2 | Purposes of further      assurances.  Those purposes  are: |
|-----|----------------------------------------------------------------------|

|   | (a) | validly      and effectively to create any Security Interest or right of any kind which      the Lender intended should be created by or pursuant to the Facility      Agreement or any other Finance Document, each as amended and restated or      supplemented by this Agreement, or by the Mortgage Addenda;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | implementing      the terms and provisions of thisAgreement. |
|--------|-----|--------------------------------------------------------------|

| 6.3 | Terms of further assurances.      The Lender may specify the terms of any document to be executed by      the Borrower or any Security Party under Clause 6.1, and those terms may      include any covenants, powers and provisions which the Lender considers      appropriate to protect itsinterests. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4 | Obligation to comply with notice. The Borrower or      any Security Party shall comply with      a notice under Clause 6.1 by the date specified in the      notice. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | Additional corporate action.      At the same time as the Borrower or any Security Party delivers to      the Lender any document executed under Clause 6.1(a), the Borrower or any      Security Party shall also deliver to the Lender a certificate signed by 2      of the Borrower’s or that Security Party’s directors which      shall: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | set      out the text of a resolution of the Borrower’s or that Security Party’s      directors specifically authorising the execution of the document specified      by the Lender; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | state      that either the resolution was duly passed at a meeting of the directors      validly convened and held throughout which a quorum of directors entitled      to vote on the resolution was present or that the resolution has been      signed by all the directors and is valid under the Borrower’s or that      Security Party’s articles of association or other constitutional      documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | FEES AND      EXPENSES |
|---|------------------------|

| 7.1 | Amendment fee. The      Borrower shall pay to the Lender on the date of this Agreement an amendment      fee of $100,000. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

----

| 7.2 | Expenses. The provisions      of clause 20 (fees and expenses) of the Facility Agreement, as amended and      restated by this Agreement, shall apply to this Agreement as if they were      expressly incorporated in this Agreement with any necessary      modifications. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | COMMUNICATIONS |
|---|----------------|

| 8.1 | General. The provisions      of clause 28 (notices) of the Facility Agreement, as amended and restated      by this Agreement, shall apply to this Agreement as if they were expressly      incorporated in this Agreement with any necessary      modifications. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | SUPPLEMENTAL |
|---|--------------|

| 9.1    | Counterparts.  This Agreement      may be executed in any number of counterparts.                                                                                                                                        |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                               |
| 9.2    | Third party      rights.  A person who is not a party to this Agreement      has no right under the Contracts (Rights of Third Parties) Act 1999 to      enforce or to enjoy the benefit of any term of this  Agreement. |

| 10 | LAW      AND JURISDICTION |
|----|---------------------------|

| 10.1 | Governing law. This Agreement shall be governed by      and construed in accordance with Englishlaw. |
|------|------------------------------------------------------------------------------------------------------|

| 10.2 | Incorporation of the Facility      Agreement provisions. The provisions of clause 30 (law and      jurisdiction) of the Facility Agreement, as amended and restated by this      Agreement, shall apply to this Agreement as if they were expressly      incorporated in this Agreement with any necessary      modifications. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Vessel      Name | Owner                                | Vessel      Type  | Flag    | Dead      Weight Tonnage | Year      Built |
|------------------|--------------------------------------|-------------------|---------|--------------------------|-----------------|
| ERATO            | Urbina      Bay Trading S.A.         | Bulk      Carrier | Bahamas | 74,444                   | 2004            |
| THETIS           | Changame      Compania Armadora S.A. | Bulk      Carrier | Bahamas | 73,583                   | 2004            |

----

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      DIANA SHIPPING INC.               | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED       | )      |
|---------------------------------------------|--------|
| by      BUENOS AIRES COMPANIA ARMADORA S.A. | )      |
| acting      by S. Palios                    | )      |
| its      duly authorized                    | )      |
| attorney-in-fact      in the presence of:   | )      |
|                                        |   |
| /s/Kate      Sherrand                       |   |
|                                        |   |
| /s/Simon      Palios                        |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      CERADA INTERNATIONAL S.A.         | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      CHORRERA COMPANIA ARMADORA S.A.   | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

----

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      CYPRES ENTERPRISES CORP.          | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      DARIEN COMPANIA ARMADORA S.A.     | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      EATON MARINE S.A.                 | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      HUSKY TRADING S.A.                | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

----

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      PANAMA COMPANIA ARMADORA S.A.     | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      SKYVAN SHIPPING COMPANY S.A.      | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      TEXFORD MARITIME S.A.             | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      URBINA BAY TRADING S.A.           | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

----

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      CHANGAME COMPANIA ARMADORA S.A.   | )      |
| acting      by S. Palios                  | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/Simon      Palios                      |   |

| EXECUTED      and DELIVERED as a DEED     | )      |
|-------------------------------------------|--------|
| by      THE ROYAL BANK OF SCOTLAND plc    | )      |
| acting      by N. Pavlides                | )      |
| its      duly authorized                  | )      |
| attorney-in-fact      in the presence of: | )      |
|                                      |   |
| /s/Kate      Sherrand                     |   |
|                                      |   |
| /s/N.      Pavlides                       |   |