# EDGAR Filing Document

**Accession Number:** 0001318885
**File Stem:** 0001562762-26-000030
**Filing Date:** 2026-3
**Character Count:** 82848
**Document Hash:** fdbc97c37630a1a78ffd63fbe9ee8e6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562762-26-000030.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001562762-26-000030

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIANA SHIPPING INC.
- **CENTRAL INDEX KEY:** 0001318885
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32458
- **FILM NUMBER:** 26753214

**BUSINESS ADDRESS:**
- **STREET 1:** PENDELIS 16
- **STREET 2:** 175 64 PALAIO FALIRO
- **CITY:** ATHENS
- **STATE:** J3
- **ZIP:** 00000
- **BUSINESS PHONE:** 30-210-947-0100

**MAIL ADDRESS:**
- **STREET 1:** PENDELIS 16
- **STREET 2:** 175 64 PALAIO FALIRO
- **CITY:** ATHENS
- **STATE:** J3
- **ZIP:** 00000

## Exhibit 2.6

DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT

OF 1934

As of December 31, 2025, Diana Shipping Inc. (the "Company") had five classes of securities registered under Section 12 of the Securities

Exchange Act of 1934, as amended:

1)

Common stock, $0.01 par value (the "common shares") ;

2)

Preferred stock purchase rights (the "Preferred Stock Purchase Rights") ;

3)

Series C Preferred Shares;

4)

Series D Preferred Shares;

5)

8.875% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value (the "Series Preferred Shares"); and

6)

Warrants to purchase common stock. The following description sets forth certain material provisions of these securities. The

following summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the

applicable provisions of

(i) the Company's Amended and Restated Articles of Incorporation, as amended (the "Articles of Incorporation") and

(ii) the Company's Amended and Restated Bylaws (the "Bylaws"), each of which is incorporated by reference as an exhibit

to the Annual Report on Form 20-F of which this Exhibit is a part. We encourage you to refer to our Articles of Incorporation and

Bylaws for additional information. Please note in this description of securities, "we", "us", "our" and "the Company" all refer to

Diana Shipping. and its subsidiaries, unless the context requires otherwise.

#### DESCRIPTION OF COMMON SHARES
The respective number of common shares issued and outstanding as of the last day of the fiscal year for annual report on Form 20-F to which

this description is attached or incorporated by reference as an exhibit, is provided on the cover page of such annual report on Form 20-

F. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Subject to

preferences that may be applicable to any outstanding shares of preferred stockholders of shares of common stock are entitled to receive

ratably all dividends, if any, declared by our board of directors out of funds legally available for dividends. Upon our dissolution or

liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the

holders of preferred stock having liquidation preferences, if any, the holders of our common stock will be entitled to receive pro rata our

remaining assets available for distribution. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe

to any of our securities. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of our

preferred stock.

*Voting Rights* 

Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. At any annual or special

general meeting of shareholders where there is a quorum, the affirmative vote of a majority of the votes cast by holders of shares of stock

represented at the meeting shall be the act of the shareholders. (Under the Bylaws, at all meetings of shareholders except otherwise expressly

provided by law, there must be present in person or proxy shareholders of record holding at least 33 1/3% of the shares issued and

outstanding and entitled to vote at such meeting in order to constitute a quorum.)

Our Bylaws do not confer any conversion, redemption or preemptive rights attached to our common shares.

*Dividend Rights* 

Subject to preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to receive ratably

all dividends, if any, declared by our board of directors out of funds legally available for dividends.

*Liquidation Rights* 

Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be

paid to creditors and to the holders of our preferred shares having liquidation preferences, if any, the holders of our common shares will be

entitled to receive pro rata our remaining assets available for distribution.

*Variation of Rights* 

Generally, the rights or privileges attached to our common shares may be varied or abrogated by the rights of the holders of our preferred

shares, including our existing classes of preferred shares and any preferred shares we may issue in the future.

*Limitations on Ownership* 

Under Marshall Islands law generally, there are no limitations on the right of non-residents of the Marshall Islands or owners who are not

citizens of the Marshall Islands to hold or vote our common shares.

Anti-takeover Effect of Certain Provisions of our Amended and Restated Articles of In Company and Bylaws Several provisions of our

amended and restated articles of incorporation and bylaws may have anti-takeover effects.

These provisions, which are summarized below, are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change

of control and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to

acquire us. However, these anti-takeover provisions could also discourage, delay or prevent (I) the merger or acquisition of our company

by means of tender offer, a proxy contest or otherwise that a stockholder may consider in its best interest and (ii) the removal of incumbent

officers and directors.

*Business Combinations* 

Our amended and restated articles of incorporation generally prohibit us from entering into a business combination with an "interested

shareholder" for a period of three years following the date on which the person became an interested shareholder. Interested shareholder is

defined, with certain exceptions, as a person who (i) owns more than 15% of our outstanding voting stock, or (ii) is an affiliate or associate

of the Company that owned more than 15% of our outstanding stock at any time in the prior three years from the date the determination is

being made as to whether he or she is an interested shareholder.

This prohibition does not apply in certain circumstances such as if (i) prior to the person becoming an interested shareholder, our board of

directors approved the business combination or the transaction which resulted in the person becoming an interested shareholder, or (ii) the

person became an interested shareholder prior to the Company's initial public offering.

*Blank Check Preferred Stock* 

Under the terms of our amended and restated articles of incorporation, our board of directors has authority, without any further vote or

action by our stockholders, to issue up to 25,000,000 shares of blank check preferred stock. Our board of directors may issue shares of

preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal of our management.

*Classified Board of Directors* 

Our amended and restated articles of incorporation provide for the division of our board of directors into three classes of directors, with

each class as nearly equal in number as possible, serving staggered, three-year terms. Approximately one-third of our board of directors is

elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to

obtain control of us. It could also delay stockholders who do not agree with the policies of our board of directors from removing a majority

of our board of directors for two years.

*Election and Removal of Directors* 

Our amended and restated articles of incorporation prohibit cumulative voting in the election of directors. Our amended and restated bylaws

require parties other than the board of directors to give advance written notice of nominations for the election of directors. Our amended

and restated articles of incorporation also provide that our directors may be removed only for cause and only upon the affirmative vote of

a majority of the outstanding shares of our capital stock entitled to vote for those directors. These provisions may discourage, delay or

prevent the removal of incumbent officers and directors. The Articles prohibit the use of cumulative voting to elect Directors.

*Limited Actions by Stockholders* 

Our amended and restated articles of incorporation and bylaws provide that special meetings of the shareholders may be called by the

Board of Directors who shall state the purpose or purposes of the proposed special meeting. The business transacted at any special meeting

shall be limited to the purposes stated in the notice of such meeting. If there is a failure to hold the annual meeting within a period of ninety

(90) days after the date designated therefor, or if no date has been designated for a period of thirteen (13) months after the organization of

the Corporation or after its last annual meeting, holders of not less than one-fifth of the shares entitled to vote in an election of directors

may, in writing, demand the call of a special meeting in lieu of the annual meeting specifying the time thereof, which shall not be less than

two (2) nor more than three (3) months from the date of such call. The Chairman, Chief Executive Officer or Secretary of the Corporation

upon receiving the written demand shall promptly give notice of such meeting, or if the Chairman, Chief Executive Officer or Secretary

fails to do so within five (5) business days thereafter, any shareholder signing such demand may give such notice. Such notice shall state

the purpose or purposes of the proposed special meeting. The business transacted at any special meeting shall be limited to the purposes

stated in the notice of such meeting.

*Advance Notice Requirements for Stockholder Proposals and Director Nominations* 

Our amended and restated bylaws provide that stockholders seeking to nominate candidates for election as directors or to bring business

before an annual meeting of stockholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to

be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to

the date on which we first mailed our proxy materials for the preceding year's annual meeting. Our bylaws also specify requirements as to

the form and content of a stockholder's notice. These provisions may impede stockholders' ability to bring matters before an annual meeting

of stockholders or make nominations for directors at annual meeting of stockholders.

#### DESCRIPTION OF THE SERIES B PREFERRED SHARES
On February 3, 2014, we filed a Prospectus Statement for the registration of 2,400,000 of our 8.875% Series Cumulative Redeemable

Perpetual Preferred Shares, par value $0.01 per share, with a liquidation preference of $25.00 per share.

We have summarized the material terms and conditions of the rights of these Series B Preferred Shares below. For a complete description

of the rights, we encourage you to read the "Description of Registrant's Securities to be Registered", which we have filed as an exhibit to

the Form 8-A on February 13, 2014.

*Dividends* 

Under the Agreement, we declared a dividend payment of 8.875% per annum per $25.00 liquidation preference per share (equal to $2.21875

per annum per share). These dividends accrue and are cumulative from the date the Series B Cumulative shares are originally issued. The

dividends are payable, as and if declared by the Board on January 15, April 15, July 15 and October 15 of each year.

*Liquidation Preference* 

Holders of the Series B Preferred Shares are entitled to a liquidation preference. Upon the occurrence of liquidation, dissolution or winding

up of the affairs of the Company, whether voluntary or involuntary (a "Liquidation Event"), Holders of Series B Preferred Shares shall be

entitled to receive out of the assets of the Company or proceeds thereof legally available for distribution to stockholders of the Company,

(I) after satisfaction of all liabilities, if any, to creditors of the Company, (ii) after all applicable distributions of such assets or proceeds

being made to or set aside for the holders of any Senior Stock then outstanding in respect of such Liquidation Event, (iii) concurrently with

any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Stock then outstanding in respect

of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common

Stock and any other classes or series of Junior Stock as to such distribution, a liquidating distribution or payment in full redemption of such

Series B Preferred Shares in an amount initially equal to $25.00 per share in cash, plus an amount equal to accumulated and unpaid

dividends thereon to the date fixed for payment of such amount (whether or not declared).

*Voting Rights* 

In the event that six quarterly dividends, whether consecutive or not, payable on the Series B Preferred Shares in arrears, the Holders of

Series B Preferred Shares shall have the right, voting as a class together with holders of any Parity Stock upon which like voting rights

have been conferred and are exercisable, at the next meeting of stockholders called for the election of directors to elect one member of the

Board of Directors, and the size of the Board of Directors shall be increased as needed to accommodate such change.

Unless the Company shall have received the affirmative vote or consents of the Holders of at least two-thirds of the outstanding Series B

Preferred Shares, voting as a single class, the Company may not adopt an amendment to the Articles of Incorporation that adversely alters

the preferences, powers or rights of the Series B Preferred Shares.

Unless the Company shall have received the affirmative vote or consent of the Holders of at least two-thirds of the outstanding Series B

Preferred Shares, voting as a class together with holders of any other Parity Stock upon which like voting rights have been conferred and

are exercisable, the Company may not (x) issue any Parity Stock if the cumulative dividends payable on outstanding Series B Preferred

Shares are in arrears or(y) create or issue any Senior Stock.

*Redemption Rights* 

The Company shall have the right at any time on or after February 14, 2019, to redeem the Series B Preferred Shares, in whole or from

time to time in part, from any funds available for such purpose. Any such redemption shall occur on a date set by the Company.

#### DESCRIPTION OF THE SERIES C PREFERRED SHARES
We filed a statement of designations with the Marshall Islands registry establishing our Series C Preferred Stock, of which 10,675 are

issued and outstanding, par value $0.01 per share. The Series C Preferred Stock will vote with the common shares of the Company, and

each share of the Series C Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders

of the Company. The Series C Preferred Stock has no dividend or liquidation rights and cannot be transferred without the consent of the

Company except to the holder's affiliates and immediate family members.

For a complete description of the rights, we encourage you to read the "Certificate of Designation of Rights, Preferences, and Privileges of

Series C Preferred Stock of the Company", which we have filed as exhibit 3.1 to the Form 6-K on February 6, 2019.

#### DESCRIPTION OF THE SERIES D PREFERRED SHARES
We filed a statement of designations with the Marshall Islands registry establishing our Series D Preferred Stock, of which [400] are issued

and outstanding, par value $0.01 per share. The Series D Preferred Stock has no dividend or liquidation rights. The Series D Preferred

Stock votes with the common shares of the Company, and each share of the Series D Preferred Stock shall entitle the holder thereof to up

to 200,000 votes, on all matters submitted to a vote of the stockholders of the Company, notwithstanding any other provision of the

Statement of Designation of the Series D Preferred Stock, to the extent that the total number of votes one or more holders of Series D

Preferred Stock is entitled to vote (including any voting power of such holders derived from Series D Preferred Stock, shares of common

stock or any other voting security of the Company issued and outstanding as of the date hereof or that may be issued in the future) on any

matter submitted to a vote of stockholders of the Company would exceed 36.0% of the total number of votes eligible to be cast on such

matter, the total number of votes that holders of Series D Preferred Stock may exercise derived from the Series D Preferred Stock together

with Common Shares and any other voting securities of the Company beneficially owned by such holder, shall be reduced to 36% of the

total number of votes that may be cast on such matter submitted to a vote of stockholders.

For a complete description of the rights, we encourage you to read the "Statement of Designation of Rights, Preferences and Privileges of

Series D Preferred Stock of the Company", which we have filed as Exhibit 3.1 to the Form 6-K on September 8, 2023.

#### DESCRIPTION OF WARRANTS
On December 14, 2023, we issued warrants to purchase common shares (the "Warrants") to the holders of record of Common Stock as of

the close of business on December 6, 2023 (the "Record Date") on the terms and conditions described in the Warrant Agreement (as defined

below and attached as exhibit 2.10 to this annual report). Each holder received one Warrant for every five shares of issued and outstanding

shares of common stock held as of the Record Date (rounded down to the nearest whole number for any fractional Warrant). Each Warrant

entitles the holder to purchase, at the holder's sole and exclusive election, at the exercise price, one share of common stock plus, to the

extent, described below, the Bonus Share Fraction. A Bonus Share Fraction entitles a holder to receive an additional 0.5 of a share of

common stock for each Warrant exercised (the "Bonus Share Fraction") without payment of any additional exercise price. Since the

dividend ex-Date on March 11, 2026, each Warrant exercised entitles the holder to purchase 1.12097 shares of common stock plus the

Bonus Share Fraction adjusted to 0.56050 of a share of common stock.

The right to receive the Bonus Share Fraction will expire at 5:00 p.m. New York City time (the "Bonus Share Expiration Date") upon the

earlier of (I) the date specified by the Registrant upon not less than 20 business days notice and (ii) the first business day following the last

day of the first 30 consecutive trading day period in which the daily VWAP of the shares of common stock has been at least equal to the

then applicable trigger price for at least 20 trading days (whether or not consecutive) (the "Bonus Price Condition"). Any Warrant exercised

with an exercise date after the Bonus Share Expiration Date will not be entitled to any Bonus Share Fraction. The Company will make a

public announcement of the Bonus Share Expiration Date (I) at least 20 business days prior to such date, in the case of the Company setting

a Bonus Share Expiration Date and (ii) prior to market open on the Bonus Share Expiration Date in the case of a Bonus Price Condition.

Unless earlier redeemed, the Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on December 14, 2026 (the

"Expiration Date"). In connection with the Warrant distribution, we filed a prospectus supplement, dated December 14, 2023, pursuant to

a shelf registration statement on Form F-3 declared effective on July 9, 2021, registering up to 33,919,605 shares of common stock to be

issued upon exercise of the Warrants under the Securities Act of 1933, as amended. The shelf registration statement on Form F-3 declared

effective on July 9, 2021 expired and the Warrant distribution is now being offered pursuant to our existing shelf registration statement on

Form F-3 declared effective on September 9, 2024. The Warrants commenced trading on the New York Stock Exchange under the ticker

"DSX WS" on December 14, 2023.

#### DESCRIPTION OF PREFERRED STOCK PURCHASE RIGHTS
On February 2, 2024, we entered into an Amended and Restated Stockholders Rights Agreement with Computershare Trust Company,

N.A., as Rights Agent, to amend and restate the Stockholders Rights Agreement, dated January 15, 2016.Under the Rights Agreement, we

declared a dividend payable of one preferred stock purchase right, or right, for each share of common stock outstanding at the close of

business on January 26, 2016. Each Right entitles the registered holder to purchase from us one one-thousandth of a share of Series A

Participating Preferred Stock, par value $0.01 per share, at an exercise price of $25.00 per share. The Rights will separate from the common

stock and become exercisable only if a person or group acquires beneficial ownership of 15% or more of our common stock (including

through entry into certain derivative positions) in a transaction not approved by our board of directors. In that situation, each holder of a

Right (other than the acquiring person, whose Rights will become void and will not be exercisable) will have the right to purchase, upon

payment of the exercise price, a number of shares of our common stock having a then-current market value equal to twice the exercise

price. In addition, if the Company is acquired in a merger or other business combination after an acquiring person acquires 15% or more

of our common stock, each holder of the Right will thereafter have the right to purchase, upon payment of the exercise price, a number of

shares of common stock of the acquiring person having a then-current market value equal to twice the exercise price. The acquiring person

will not be entitled to exercise these Rights. Until a Right is exercised, the holder of a Right will have no rights to vote or receive dividends

or any other stockholder rights. The Rights may have anti-takeover effects.

The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our board of directors.

As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our board of

directors approve a redemption of the Rights or a permitted offer, the Rights should not interfere with a merger or other business

combination approved by our board of directors.

We have summarized the material terms and conditions of the Rights Agreement and the Rights below. For a complete description of the

Rights, we encourage you to read the Rights Agreement, which we have filed as an exhibit to the registration statement filed with the

Commission on February 2, 2024.

*Detachment of the Rights* 

The Rights are attached to all certificates representing our currently outstanding common stock, or, in the case of uncertificated common

shares registered in book entry form, which we refer to as "book entry shares, "by notation in book entry accounts reflecting ownership,

and will attach to all common stock certificates and book entry shares we issue prior to the Rights distribution date that we describe below.

The Rights are not exercisable until after the Rights distribution date and expire at the close of business on February 1, 2034 unless we

redeemed or exchanged them earlier as we describe below. The Rights will separate from the common stock and a Rights distribution date

would occur, subject to specified exceptions, on the earlier of the following two dates:

● the 10th day after public announcement that a person or group has acquired ownership of 15% or more of the Company's common

stock; or

● the 10th business day (or such later date as determined by the Company's board of directors) after a person or group announces a

tender or exchange offer which would result in that person or group holding 15% or more of the Company's common stock.

"Acquiring person" is generally defined in the Rights Agreement as any person, together with all affiliate's associates, who beneficially

owns 15% or more of the Company's common stock. However, the Company, any subsidiary of the Company or any employee benefit

plan of the Company or of any subsidiary of the Company, or any person holding shares of common stock for or pursuant to the terms of

any such plan, are excluded from the definition of "acquiring person." In addition, persons who beneficially own 15% or more of the

Company's common stock on the effective date of the Rights Agreement are excluded from the definition of "acquiring person" unless and

until such time as such Person shall become the Beneficial Owner of an aggregate of 18.5% or more of the Company's then outstanding

Common Stock, (excluding shares acquired pursuant to a grant under a Company equity incentive plan, a dividend or distribution paid or

made by the Company on the outstanding shares of Common Stock in shares of Common Stock or securities convertible into shares of

Common Stock or pursuant to a split or subdivision of the outstanding shares of Common Stock), and provided further, that Tuscany

Shipping Corp. individually or together with one or more of its Affiliates shall not be or become an "Acquiring Person" as defined herein.

Our board of directors may defer the Rights distribution date in some circumstances, and some inadvertent acquisitions will not result in a

person becoming an acquiring person if the person promptly divests itself of sufficient number of shares of common stock. Until the Rights

distribution date:

● our common stock certificates and book entry shares will evidence the Rights, and the Rights will be transferable only with

those certificates; and

● any new common stock will be issued with Rights and new certificates or book entry shares, as applicable, will contain a notation

incorporating the Rights Agreement by reference.

As soon as practicable after the Rights distribution date, the Rights agent will mail certificates representing the Rights to holders of record

of common stock at the close of business on that date. After the Rights distribution date, only separate Rights certificates will represent the

Rights.

We will not issue Rights with any shares of common stock we issue after the Rights distribution date, except our board of directors may

otherwise determine.

*Flip-In Event* 

A "flip-in event" will occur under the Rights Agreement when a person becomes an acquiring person other than pursuant to certain kinds

of permitted offers. An offer is permitted under the Rights Agreement if a person will become an acquiring person pursuant to a merger or

other acquisition agreement that has been approved by our board of directors prior to that person becoming an acquiring person.

If a flip-in event occurs and we have not previously redeemed the Rights as described under the heading "Redemption of Rights" below

or, if the acquiring person acquires less than 50% of our outstanding common stock and we do not exchange the Rights as described under

the heading "Exchange of Rights" below, each Right, other than any Right that has become void, as we describe below, will become

exercisable at the time it is no longer redeemable for the number of shares of common stock, or, in some cases, cash, property or other of

our securities, having a current market price equal to two times the exercise price of such right.

When a flip-in event occurs, all Rights that then are, or in some circumstances that were, beneficially owned by or transferred to an acquiring

person or specified related parties will become void in the circumstances the Rights Agreement specifies.

#### Transfer of Shares
The Board of Directors has the power and authority to make such rules and regulations as they may deem expedient concerning the issuance,

registration and transfer of shares of the Company's stock, and may appoint transfer agents and registrars thereof.

Comparison of Marshall Island Law to Delaware Law

#### Marshall Islands Delaware

#### Shareholder Meetings
Held at a time and place as designated in the

bylaws.

May be held at such time or place as

designated in the certificate of incorporation.

or the bylaws, or if not so designated, as

Special meetings of the shareholders may be called determined by the board of directors. Special

by the board of directors or by such person or

persons as may be authorized by the articles of

incorporation or by the bylaws. May be held

within or without the Marshall Islands.

Notice:

Whenever shareholders are required to take

any action at a meeting, written notice of the

meeting shall be given which shall state the

place, date and hour of the meeting and,

unless it is an annual meeting, indicate that it

is being issued by or at the direction of the

person calling the meeting. Notice of a

special meeting shall also state the purpose for

which the meeting is called.

A copy of the notice of any meeting shall be

given personally, sent by mail or by

electronic mail not less than 15 nor more than

60 days before the meeting.

meetings of the shareholders may be called by

the board of directors or by such person or

persons as may be authorized by the

certificate of incorporation or by the bylaws.

May be held within or without Delaware.

Notice:

Whenever shareholders are required to take

any action at a meeting, a written notice of the

meeting shall be given which shall state the

place, if any, date and hour of the meeting, and

the means of remote communication, if any.

Written notice shall be given not less than

10nor more than 60 days before the meeting.

#### Shareholders' Voting Rights
Unless otherwise provided in the articles of

incorporation, any action required to be taken at a

meeting of shareholders may be taken without a

meeting, without prior notice and without a vote, if

a consent in writing, setting forth the action so

taken, is signed by all the shareholders entitled to

vote with respect to the subject matter thereof, or

if such action at a meeting at which all shares

Any action required to be taken at a meeting of

shareholders may be taken without a meeting if a

consent for such action is inwriting and is signed

by shareholders having not fewer than the

minimum number of votes that would be

necessary to authorize or take the articles of

incorporation so provide, by the holders of

outstanding shares having not less than the

minimum number of votes that would be

necessary to authorize or take such action at a

meeting at which all shares entitled to vote thereon

were present and voted.

Any person authorized to vote may authorize

another person or persons to act for him by proxy.

Unless otherwise provided in the articles of

incorporation or bylaws, a majority of shares

entitled to vote constitutes a quorum. In no event

shall a quorum consist of fewer than one-third of

the shares entitled to vote at a meeting.

When a quorum is once present to organize a

meeting, it is not broken by the subsequent

withdrawal of any shareholders.

The articles of incorporation may provide for

cumulative voting in the election of directors.

entitled to vote thereon were present and

voted.

Any person authorized to vote may authorize

another person or persons to act for him by

proxy.

For stock corporations, the certificate of

incorporation or bylaws may specify the

number of shares required to constitute a

quorum but in no event shall a quorum consist

of less than one-third of shares entitled to vote

at a meeting. In the absence of such

specifications, a majority of shares entitled to

vote shall constitute a quorum.

When a quorum is once present to organize a

meeting, it is not broken by the subsequent

withdrawal of any shareholders.

The certificate of incorporation may provide

for cumulative voting in the election of

directors.

#### Marshall Islands Merger or Consolidation
Any two or more domestic corporations may

merge into a single corporation if approved by the

board and if authorized by a majority vote of the

holders of outstanding shares at shareholder

meeting.

Any two or more corporations existing under

the laws of the state may merge into a single

corporation pursuant to a board resolution

and upon the majority vote by shareholders of

each constituent corporation at an annual or

special meeting.

Any sale, lease, exchange or other disposition of

all or substantially all the assets of a corporation,

if not made in the corporation's usual or regular

course of business, once approved by the board,

shall be authorized by the affirmative vote of two-

thirds of the shares of those entitled to vote at a

shareholder meeting.

Any domestic corporation owning at least 90% of

the outstanding shares of each class of another

domestic corporation may merge such other

corporation into itself without the authorization of

the shareholders of any corporation.

Any mortgage, pledge of or creation of a security

interest in all or any part of the corporate property

may be authorized without the vote or consent of

the shareholders, unless otherwise provided for in

the articles of incorporation.

Every corporation may at any meeting of the

board sell, lease or exchange all or

substantially all of its property and assets

board deems expedient and for the best

interests of the corporation when so

authorized by a resolution adopted by the

holders of a majority of the outstanding stock

of the corporation entitled to vote.

Any corporation owning at least 90% of the

outstanding shares of each class of another

corporation may merge the other corporation

into itself and assume all of its obligations

without the vote or consent of shareholders;

however, in case the parent corporation is not

the surviving corporation, the proposed

merger shall be approved by a majority of

the outstanding stock of the parent

corporation entitled to vote at a duly called

shareholder meeting. Any mortgage or pledge

of a corporation's property and assets may be

authorized without the vote or

consent of shareholders, except to

the extent that the certificate of incorporation

otherwise provides.

#### Directors
The board of directors must consist of at least

one member.

The number of board members may be

changed by an amendment to the bylaws, by

the shareholders, or by action of the board

under the specific provisions of a bylaw.

If the board is authorized to change the

number of directors, it can only do so by a

majority of the entire board and so long as no

decrease in the number shall shorten the term

of any incumbent director.

Removal:

Any or all of the directors may be removed

for cause by vote of the shareholders.

If the articles of incorporation or the bylaws

so provide, any or all of the directors may be

removed without cause by vote of the

shareholders.

The board of directors must consist of at least

one member.

The number of board members shall be fixed

by, or in a manner provided by, the bylaws,

unless the certificate of incorporation fixes

the number of directors, in which case a

change in the number shall be made only by

an amendment to the certificate of

incorporation.

If the number of directors is fixed by the

certificate of incorporation, a change in the

number shall be made only by an amendment

of the certificate.

Removal:

Any or all of the directors may be removed,

with or without cause, by the holders of a

majority of the shares entitled to vote unless

the certificate of incorporation otherwise

provides.

In the case of a classified board, shareholders

may effect removal of any or all directors

only for cause.

Appraisal rights shall be available for the

shares of any class or series of stock of a

corporation in a merger or consolidation,

subject to limited exceptions, such as a

merger or consolidation of corporations

listed on a national securities exchange in

which listed stock is offered for consideration

is (I) listed on a national securities exchange

or (ii) held of record by more than 2,000

holders.

#### Dissenters' Rights of Appraisal
Shareholders have a right to dissent from any

plan of merger, consolidation or sale of all or

substantially all assets not made in the usual

course of business, and receive payment of

the fair value of their shares. However, the

right of a dissenting shareholder under the

BCA to receive payment of the appraised fair

value of his shares shall not be available for

the shares of any class or series of stock,

which shares or depository receipts in respect

thereof, at the record date fixed to determine

the shareholders entitled to receive notice of

and to vote at the meeting of the shareholders

to act upon the agreement of merger or

consolidation, were either (i) listed on a

securities exchange or admitted for trading on

an interdealer quotation system or (ii) held of

record by more than 2,000 holders. The right

of a dissenting shareholder to receive

payment of the fair value of his or her shares

shall not be available for any shares of stock

of the constituent corporation surviving a

merger if the merger did not require for its

approval the vote of the shareholders of the

surviving corporation.

A holder of any adversely affected shares

who does not vote on or consent in writing to

an amendment to the articles of incorporation

has the right to dissent and to receive

payment for such shares if the amendment:

• Alters or abolishes any preferential

right of any outstanding shares having

preference; or

• Creates, alters, or abolishes any

provision or right in respect to the

redemption of any outstanding shares; or

• Alters or abolishes any preemptive

right of such holder to acquire shares

or other securities; or

• Excludes or limits the right of such

holder to vote on any matter, except

as such right may be limited by the

voting rights given to new shares then

being authorized of any existing or

new class.

In any derivative suit instituted by a

shareholder of a corporation, it shall be

averred in the complaint that the plaintiff

was a shareholder of the corporation at

the time of the transaction of which he

complains or that such shareholder's

stock thereafter devolved upon such

shareholder by operation of law.

Other requirements regarding derivative

decision, including that a shareholder

may not bring a derivative suit unless he

or she first demands that the corporation

sue on its own behalf and that demand is

refused (unless it is shown that such

demand would have been futile).

#### Shareholder's Derivative Actions
An action may be brought in the right of a

corporation to procure a judgment in its favor, by a

holder of shares or of voting trust certificates or

of a beneficial interest in such shares or

certificates. It shall be made to appear that the

plaintiff is such a holder at the time of bringing

the action and that he was such a holder at the

time of the transaction of which he complains, or

that his shares or his interest therein devolved

upon him by operation of law. A complaint shall

set forth with particularity the efforts of the

plaintiff to secure the initiation of such action by

the board or the reasons for not making such

effort.

Such action shall not be discontinued,

compromised or settled, without the approval of

the High Court of the Republic of the Marshall

Islands.

Reasonable expenses including attorney's fees

may be awarded if the action is successful.

A corporation may require a plaintiff bringing a

derivative suit to give security for reasonable

expenses if the plaintiff owns less than 5% of any

class of outstanding shares or holds voting trust

certificates or a beneficial interest in shares

representing less than 5% of any class of such

shares and the shares, voting trust certificates or

beneficial interest of such plaintiff has a fair

value of $50,000 or less.

## Exhibit 4.8

#### STEAMSHIP SHIPBROKING ENTERPRISES INC.

#### THIS AGREEMENT
dated this 25

th

day of February 2026 by and between Diana Shipping Inc., a

Marshall Islands company having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake

Island, Majuro, Marshall Islands MH96960 (the "Company") and Steamship Shipbroking Enterprises Inc.

a

Marshall Islands company having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake

Island, Majuro, Marshall Islands MH96960 (the "Broker").

BY WHICH, in consideration of the mutual covenants and agreements set forth herein, the parties

hereto agree as follows:

1. #### The Company.
Diana Shipping Inc. is a leading global provider of shipping transportation

services through its ownership of dry bulk vessels. The Company's vessels are employed primarily on

medium to long-term time charters and transport a range of dry bulk cargoes, including such

commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

2. #### Engagement.
The Company hereby engages the Broker to act as broker for the Company

and for any of its affiliated companies that own vessels managed by Diana Shipping Services S.A. as

directed by the Company to assist the Company in the provision of the Services by providing to the

Company or to an entity designated by the Company from time to time, brokerage services relating to the

purchase, sale or chartering of vessels, brokerage services relating to the repairs and other maintenance of

vessels, and any relevant consulting services permitted by Greek laws or the Broker's Law 27/1975 license

(collectively the "Brokerage Services"), and the Broker hereby accepts such appointment.

3. #### Duration.
The duration of the engagement shall be for a term of twelve (12) months

commencing the 1

st

day of January 2026 and ending (unless terminated earlier on the basis of any other

provision of this Agreement) on the 31

st

day of December 2026 (the said period as it may be extended

being hereinafter referred to as the "Term").

4. #### Representations of Broker.
The Broker represents that it has personnel fully qualified,

without the benefit of any further training or experience and has obtained all necessary permits and licenses,

to perform the Brokerage Services. The duties of the Broker shall be offered on a worldwide basis. Broker's

duties and responsibilities hereunder shall always be subject to the policies and directives of the board

of directors of the Company as communicated from time to time to the Broker. Subject to the above, the

precise duties, responsibilities and authority of the Broker may be expanded, limited or modified, from time to

time, at the discretion of the board of directors of the Company.

5. #### Commission.
Because of their permanent relation the Company shall pay the Broker

a

lump

sum commission in the amount of United States Dollars $325,000 per month, starting on the 1

st

day of

January 2026 payable quarterly in advance, subject to required deductions and withholdings. Commissions

on a percentage basis for specific deals may be agreed by separate agreements in writing.

6. #### Expenses
. The Company shall pay or reimburse the Broker for any out-of pocket

expenses as such expenses are not included in the commission paid to the Broker.

7. #### Termination.
This Agreement, unless otherwise agreed in writing between the parties,

shall be terminated as follows:

(a) At the end of the Term , unless extended by mutual agreement in writing.

(b) The parties, by mutual agreement, may terminate this Agreement at any time.

(c) Either party may terminate this Agreement for any material breach by the other party of their

respective obligations under this Agreement.

8. #### Change of Control.
(a) In the event of a "Change in Control" (as defined herein) within the duration of this Agreement,

the Broker has the option to terminate this Agreement within six (6) months following such Change in

Control, and shall be eligible to receive the payment specified in sub-paragraph (c), below, provided that the

conditions of said paragraph are satisfied.

(b) For purposes of this Agreement, the term "Change of Control" shall mean the:

(i) acquisition by any individual, entity or group of beneficial ownership of twenty-five

percent (25%) or more of either (A) the then-outstanding shares of common stock of the

Company (B)

the combined voting power of the then-outstanding voting securities of the

Company entitled to vote generally

in the election of directors; provided, however, that this

Clause 8(b)(i) shall not apply to an individual, entity or group that beneficially owns twenty-five

percent (25%) or more as of the date the Company's common shares are approved for

listing on the NYSE.

(ii) consummation of a reorganization, merger or consolidation of the Company or the

sale or other disposition of all or substantially all of the assets of the Company and/or of the

Affiliates; or

(iii) approval by the shareholders of the Company of a complete liquidation or

dissolution of the Company.

(c) If the Broker terminates this Agreement within six (6) months following a Change of

Control, the Broker shall receive a payment equal to five (5) years'

annual commission. Receipt of

the foregoing shall be contingent upon the

Broker's execution and non-revocation of a Release of

Claims in favor of the Company and the Affiliates in a form that is reasonably satisfactory to the

Company and its counsel.

9. #### Notices

#### .
Every notice, request, demand or other communication under this

Agreement shall:

(a) be in writing delivered personally or by courier or by fax or shall be served through a process

server;

(b) be deemed to have been received, subject as otherwise provided in this Agreement in the

case of fax upon receipt of a successful transmission report (or —if sent after business hours— the

following business day) and in the case of a letter when delivered personally or through courier or served at

the address below; and

(c) be sent:

(i) If to the Company, to:

c/o Diana Shipping Services S.A.

Pendelis 16, Palaio Faliro, 175 64

Athens, Greece

Telephone: +30 210 9470000

Telefax: +30 210 9424975

Attn: Director and President

(ii) If to the Broker, to:

c/o Steamship Shipbroking Enterprises Inc.

Pendelis 26, Palaio Faliro, 175 64

Athens, Greece

Telephone: +30 210 9485360

Telefax: +30 210 9401810

Attn: Director and President

or to such other person, address or telefax, as is notified by the relevant Party to the other Party to this

Agreement and such notification shall not become effective until notice of such change is actually

received by the other Party. Until such change of person or address is notified, any notification to the

above addresses and fax numbers are agreed to be validly effected for the purposes of this Agreement.

10. #### Entire Agreement.
This Agreement supersedes all prior agreements written or oral, with

respect thereto.

11. #### Amendments.
This Agreement may be amended, superseded, canceled, renewed or

extended

and the terms hereof may be waived, only by a written instrument signed by the parties.

12. #### Independent Contractor.
All services provided hereunder shall be provided by the

Broker as an

independent contractor. No employment contract, partnership or joint venture between the Broker and the

Company has been created in or by this Agreement or as a result of services provided hereunder.

13. #### Assignment.
This Agreement, and the Broker's rights and obligations hereunder, may

not be assigned by the Broker; any purported assignment in violation hereof shall be null and void. This

Agreement, and the Company's rights and obligations hereunder, may not be assigned by the Company;

provided, however, that in the event of any sale, transfer or other disposition of all or substantially all of the

Company's assets and business, whether by merger, consolidation or otherwise, the Company shall assign

this Agreement and its rights hereunder to the successor to its assets and business.

14. #### Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties

and their respective successors, permitted assigns, heirs, executors and legal representative.

15. #### Counterparts.
This Agreement may be executed by the parties hereto in separate

counterparts, each of which when so executed and delivered shall be an original but all such counterparts

together shall constitute one and the same instrument. Each counterpart may consist of two copies

hereof each signed by one of the parties hereto.

16. #### Headings.
The headings in this Agreement are for reference only and shall not affect the

interpretation of this Agreement.

17. #### Governing Law and Jurisdiction.
(a) This Agreement shall be governed by and construed in accordance with English Law.

(b) Any dispute arising out of or in connection with this Agreement shall be referred to arbitration

in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof

save to the extent necessary to give effect to the provisions of this clause.

IN WITNESS WHEREOF, the parties hereto have signed their names as of the day

and year first above written.

DIANA SHIPPING INC.

___________________________

By: Ioannis Zafirakis

Title: Director and President

STEAMSHIP SHIPBROKING ENTERPRISES INC.

___________________________

By: Symeon Palios

Title: Director and President

## Exhibit 8.1

#### DIANA SHIPPING INC. SUBSIDIARIES

#### AS OF DECEMBER 31, 2025

#### Company

#### Country Of Incorporation
Aerik Shipping Company Inc.

The Republic Of The Marshall Islands

Arorae Shipping Company Inc.

The Republic Of The Marshall Islands

Aster Shipping Company Inc.

The Republic Of The Marshall Islands

Beru Shipping Company Inc.

The Republic Of The Marshall Islands

Bikati Shipping Company Inc.

The Republic Of The Marshall Islands

Bikini Shipping Company Inc.

The Republic Of The Marshall Islands

Bonriki Shipping Company Inc.

The Republic Of The Marshall Islands

Bulk Carriers (USA) LLC

United States (State Of Delaware)

Cebu Shipping Company Inc.

The Republic Of The Marshall Islands

Cerada International S.A.

Republic Of Panama

Diana Energize Inc.

The Republic Of The Marshall Islands

Diana Gas Inc.

The Republic Of The Marshall Islands

Diana General Partner Inc.

The Republic Of The Marshall Islands

Diana Ship Management Inc.

The Republic Of The Marshall Islands

Diana Shipping Services S.A.

Republic Of Panama

Ebadon Shipping Company Inc.

The Republic Of The Marshall Islands

Ejite Shipping Company Inc.

The Republic Of The Marshall Islands

Erikub Shipping Company Inc.

The Republic Of The Marshall Islands

Gala Properties Inc.

The Republic Of The Marshall Islands

Guam Shipping Company Inc.

The Republic Of The Marshall Islands

Jabat Shipping Company Inc.

The Republic Of The Marshall Islands

Jabwot Shipping Company Inc.

The Republic Of The Marshall Islands

Jemo Shipping Company Inc.

The Republic Of The Marshall Islands

Kaben Shipping Company Inc.

The Republic Of The Marshall Islands

Kili Shipping Company Inc.

The Republic Of The Marshall Islands

Kiribati Shipping Company Inc.

The Republic Of The Marshall Islands

Komi Shipping Company Inc.

The Republic Of The Marshall Islands

Lae Shipping Company Inc.

The Republic Of The Marshall Islands

Lakeba Shipping Company Inc.

The Republic Of The Marshall Islands

Lelu Shipping Company Inc.

The Republic Of The Marshall Islands

Majuro Shipping Company Inc.

The Republic Of The Marshall Islands

Makur Shipping Company Inc.

The Republic Of The Marshall Islands

Manra Shipping Company Inc.

The Republic Of The Marshall Islands

Mejato Shipping Company Inc.

The Republic Of The Marshall Islands

Monu Shipping Company Inc.

The Republic Of The Marshall Islands

Namorik Shipping Company Inc.

The Republic Of The Marshall Islands

Namu Shipping Company Inc.

The Republic Of The Marshall Islands

Palau Shipping Company Inc.

The Republic Of The Marshall Islands

Pulap Shipping Company Inc.

The Republic Of The Marshall Islands

Rairok Shipping Company Inc.

The Republic Of The Marshall Islands

Rakaru Shipping Company Inc.

The Republic Of The Marshall Islands

Silver Chandra Shipping Company Limited

Republic Of Cyprus

Tamana Shipping Company Inc.

The Republic Of The Marshall Islands

Taongi Shipping Company Inc.

The Republic Of The Marshall Islands

Taroa Shipping Company Inc.

The Republic Of The Marshall Islands

Toku Shipping Company Inc.

The Republic Of The Marshall Islands

Tuvalu Shipping Company Inc.

The Republic Of The Marshall Islands

Ujae Shipping Company Inc.

The Republic Of The Marshall Islands

Wake Shipping Company Inc.

The Republic Of The Marshall Islands

Weno Shipping Company Inc.

The Republic Of The Marshall Islands

Wotho Shipping Company Inc.

The Republic Of The Marshall Islands

## Exhibit 11.2

#### Policies and Procedures to Detect and Prevent

#### Insider Trading

#### Fifth Amended and Restated Policies and Procedures to Detect and Prevent Insider Trading
Revised as of February 25, 2026

#### GENERAL
The Securities Exchange Act of 1934 prohibits the misuse of material, non-public information. In order

to avoid even the appearance of impropriety, the Company has instituted procedures to prevent the

misuse of non-public information.

Although "insider trading" is not defined in the securities laws, it is generally thought to be described

as trading either personally or on behalf of others on the basis of material non-public information or

communicating material non-public information to others in violation of the law.

This policy (the "Policy") will be administered and supervised by the Company's Chief Accounting

Officer. Please pay special attention to the "Blackout" and "Trading Window" policies discussed in

this memorandum.

#### WHOM DOES THE POLICY COVER?
The Policy covers all of the Company's officers, directors and employees ("insiders"), as well as any

transactions in any Company securities ("securities") participated in by family members, trusts or

corporations directly or indirectly controlled by insiders. In addition, the Policy applies to transactions

engaged in by corporations in which the insider is an officer, director or 10% or greater stockholder

and a partnership of which the insider is a partner, unless the insider has no direct or indirect control

over the partnership.

The Company forbids any insider from trading, either for his or her personal account or on behalf of

others, while in possession of material non-public information, or communicating material non-public

information to others in violation of the law. This prohibited conduct is often referred to as "insider

trading".

● The Policy extends to each insider's activities within and outside his/her duties at the

Company. Each insider must read and retain this statement.

● Failure to comply with the Policy may cause an employee to be subject to disciplinary action.

#### WHAT IS INSIDER TRADING?
The term "insider trading" generally is used to refer to trading while in possession of material non-

public information (whether or not one is an "insider") and/or to communications of material non-

public information to others. The law in this area is generally understood to prohibit, among other

things:

● trading by an insider while in possession of material non-public information;

● trading by a non-insider while in possession of material non-public information, where the

information either was disclosed to the non-insider in violation of an insider's duty to keep it

confidential or the information was misappropriated;

● trading while in possession of material non-public information concerning a tender offer; and

● wrongfully communicating, or "tipping", material non-public information to others or making

any recommendations or expressing opinions on the basis of material non-public information

as to trading in Company securities unless such disclosure is made in accordance with

Company policies regarding the protection or authorized external disclosure of information.

This prohibition applies whether or not the insider receives any benefit from the use of that

information by the other person or entity.

#### THE INSIDER CONCEPT
As a general guide for our directors, officers and employees, components of what amounts to "insider

trading" are described below:

#### Who is an insider?
The concept of "insider" is broad. It includes officers, directors, trustees, and employees of a

company. In addition, a person can be a "temporary insider" if he or she enters into a special

confidential relationship in the conduct of a company's affairs and as a result is given access to

information solely for the company's purposes. A temporary insider can include, among others, a

company's attorneys, accountants, consultants, bank lending officers, and the employees of those

organizations.

#### What information is material?
Trading on information that is "material" is prohibited. Information generally is considered "material"

if:

● there is a substantial likelihood that a reasonable investor would consider the information

important in making an investment decision, or

● the information is reasonably certain to have a substantial effect on the price of the

Company's securities.

Information that should be considered material includes: dividend changes, earnings estimates not

previously disseminated, material changes in previously-released earnings estimates, significant

merger or acquisition proposals or agreements, major litigation, liquidity problems, and

extraordinary management developments.

#### What information is non-public?
Information is non-public until it has been effectively communicated to the market place. For

example, information found in a report filed with the U.S. Securities and Exchange Commission (the

"SEC"), or appearing in Dow Jones, Reuters, The Wall Street Journal, on Bloomberg or in other

publications of general circulation ordinarily would be considered public. In addition, in certain

circumstances, information disseminated to certain segments of the investment community may be

deemed "public", for example, research communicated through institutional information

dissemination services such as First Call. (However, the fact that research has been disseminated

through such a service does not automatically mean that it is public.) Remember, it takes time for

information to become public. The amount of time since the information was first disseminated

ordinarily is a factor regarding whether the information is considered "public".

#### PENALTIES FOR INSIDER TRADING
Penalties for insider trading are severe both for the individuals involved as well as for their employers.

A person can be subject to some or all of the penalties listed below, even if he or she does not

personally benefit from the violation. Penalties may include:

● Jail sentences;

● Civil injunctions;

● Civil treble (3x) damages;

● Disgorgement of profits;

● Criminal fines of up to three times the profit gained or loss avoided, whether or not the person

actually benefited; and

● Fines for the employers or other controlling person of up to the greater of $1 million or three

times the amount of the profit gained or loss avoided.

Clearly, it is in the Company's and your best interests for the Company to put into place procedures

to prevent improper trading by its insiders.

#### PROCEDURES TO PREVENT INSIDER TRADING
The following procedures have been established to aid in the prevention of insider trading. Every

insider must follow these procedures or risk sanctions, including: dismissal, substantial personal

liability and criminal penalties.

#### Questions to Ask
Prior to trading in the Company's securities, and if you think you may have material non-public

information, ask yourself the following questions:

● Is the information material? – Is this information that an investor would consider important

in making an investment decision? Would you take it into account in deciding whether to buy

or sell? Is this information that would affect the market price of the securities if generally

disclosed?

● Is the information non-public – To whom has this information been provided? Has it been

effectively communicated to the marketplace? Has enough time gone by?

#### Action Required
If you are at all uncertain as to whether any information you have is "inside information", you must:

● Immediately report the matter to the Chief Accounting Officer;

● Refrain from purchasing or selling the securities; and

● Not communicate the information inside or outside the Company.

After the employee and the Chief Accounting Officer have reviewed the issue and consulted with

outside counsel to the extent appropriate, the insider will be instructed as to whether he/she may

trade and/or communicate that information.

#### Blackout Policy and Trading Window
To assure compliance with the Policy and applicable securities laws, the Company requires that all

insiders refrain from conducting transactions involving the purchase or sale of the Company's

securities other than during the period commencing at the open of the New York Stock Exchange

trading market on the second business day following the date of public disclosure of the financial

results for a particular fiscal quarter or year and continuing until the close of the New York Stock

Exchange on the fourteenth (14

th) day after the last day of the current fiscal quarter (the "Trading

Window"). In addition, from time to time material non-public information regarding the Company

may be pending. While such information is pending, the Company may impose a special "blackout"

period during which the same prohibitions and recommendations shall apply.

Remember: Even during the Trading Window, any person possessing material non-public information

concerning the Company, should not engage in any transactions in the Company's securities until

such information has been made public and absorbed by the market.

#### Trading According to a Pre-established Plan (10b5-1)
The SEC has adopted Rule 10b5-1, as amended, under which insider trading liability can be avoided if

insiders follow very specific procedures. In general, such procedures involve trading according to pre-

established instructions, plans or programs (a "10b5-1 Plan") after a required "cooling off" period

described below. 10b5-1 Plans must:

● *Be documented by a contract, written plan, or formal instruction which provides that the trade* 

*take place in the future:* 

For example, an insider can contract to sell his or her securities on a

specific date, or simply delegate such decisions to an investment manager, 401(k) plan

administrator or similar third party. This documentation must be provided to the Company's

Chief Financial Officer and Corporate Secretary;

● *Include in its documentation the specific amount, price and timing of the trade, or the formula* 

*for determining the amount, price and timing*

. For example, the insider can buy or sell

securities in a specific amount and on a specific date each month, or according to a pre-

established percentage (of the insider's salary, for example) each time that the share price

falls or rises to pre-established levels. In the case where trading decisions have been

delegated (i.e., to a third party broker or money manager), the specific amount, price and

timing need not be provided;

● *Be implemented at a time when the insider does not possess material non-public* 

*information.*

As a practical matter, for restricted insiders this means that the insider may set

up 10b5-1 Plans, or delegate trading discretion, only during an open Trading Window and

outside a "blackout" period (discussed above), assuming the restricted insider is not in

possession of material non-public information;

● *Remain beyond the scope of the insider's influence after implementation*

. In general, the

insider must allow the 10b5-1 Plan to be executed without changes to the accompanying

instructions, and the insider cannot later execute a hedge transaction that modifies the effect

of the 10b5-1 Plan. Insiders should be aware that the termination or modification of a 10b5-

1 Plan after trades have been undertaken under such plan could negate the 10b5-1

affirmative defense afforded by such program for all such prior trades. As such, termination

or modification of a 10b-5 Plan should only be undertaken in consultation with your legal

counsel. If the insider has delegated decision-making authority to a third party, the insider

cannot subsequently influence the third party in any way and such third party must not

possess material non-public information at the time of any of the trades;

● *Be subject to a "cooling off" period.*

Rule 10b5-1 contains a "cooling -off period" for directors

and officers that prohibit such insiders from trading in a 10b5-1 Plan until the later of (i) 90

days following the plan's adoption or modification or (ii) two business days following the

Company's disclosure (via a report filed with the SEC) of its financial results for the fiscal

quarter in which the plan was adopted or modified; and

● *Contain Insider certifications.*

Directors and officers are required to include a certification in

their 10b5-1 Plans to certify that at the time the plan is adopted or modified: (i) they are not

aware of material non-public information about the Company or its securities and (ii) they

are adopting the 10b5-1 Plan in good faith and not as part of a plan or scheme to evade the

anti-fraud provisions of the U.S. Securities Exchange Act of 1934.

In addition, insiders are prohibited from having multiple overlapping 10b5-1 Plans or more than one

plan in any given year and a modification relating to amount, price and timing of trades under a 10b5-

1 Plan is deemed a plan termination and the adoption of a new 10b5-1 Plan which requires a new

cooling off period.

#### Pre-Clearance of Trades and 10b5-1 Plans
All insiders must refrain from trading in Company securities, even during the Trading Window,

without first complying with the Company's "pre-clearance" process. Each such person should

contact the Company's Chief Accounting Officer prior to commencing any trade. The Chief Accounting

Officer will consult as necessary with senior management and/or counsel to the Company before

clearing any proposed trade.

Each insider is solely responsible for compliance with all applicable securities laws, rules and

regulations related to any trading of Company securities by such insider, including without limitation

the timely filing of any and all forms, schedules and other filings required by Rule 144 of the U.S.

Securities Act of 1933, as amended, Sections 13 and 16, as applicable, of the U.S. Securities Exchange

Act of 1934, as amended, and any other applicable securities laws. The clearance of any proposed

trade may, at the discretion of the Company, be conditioned on the Company's review and

reasonable satisfaction with such filings or other compliance requirements.

Additionally, Rule 10b5-1 Plans and any amendments thereto must be approved by the Company's

Chief Financial Officer or Corporate Secretary and meet the requirements of Rule 10b5-1 guidelines

detailed in this Policy. Any Rule 10b5-1 Plan must be submitted for approval five business days prior

to the entry into the Rule 10b5-1 Plan.

#### SECTION 16 REPORTING REQUIREMENTS FOR DIRECTORS AND OFFICERS
The directors and officers of the Company are also now required to comply with the Section

16(a)

[1]

reporting requirements of the Exchange Act beginning March 18, 2026.

[2]

As such, directors

and officers of the Company must file the following reports:

● #### Form 3:
*Initial Statement of Beneficial Ownership of Securities*

[3]

*.*

Each director and officer

must file a Form 3 with the SEC via EDGAR within ten (10) days of becoming a director or

officer of the Company. For individuals who are directors or officers as of March 18, 2026,

Form 3 must be filed by 10:00 p.m. Eastern Time on March 18, 2026.

● #### Form 4:
*Statement of Changes in Beneficial Ownership*

. Each director and officer must file a

Form 4 with the SEC via EDGAR within two (2) business days following any change in beneficial

ownership of the Company's equity securities. Reportable transactions include, but are not

limited to: (i) open market purchases and sales; (ii) acquisitions or dispositions pursuant to

employee benefit plans; (iii) gifts; (iv) exercises of stock options; and (v) acquisitions of

securities pursuant to equity compensation awards.

● #### Form 5:
*Annual Statement of Changes in Beneficial Ownership of Securities*

. Each director and

officer must file a Form 5 with the SEC via EDGAR within forty -five (45) days after the end of

the Company's fiscal year to report all transactions that occurred during the previous fiscal

year that are specifically permitted to be reported on a Form 5 or should have been reported

on a Form 3 or Form 4 but were not.

The SEC may bring enforcement actions against individuals who fail to comply with Section 16(a)

reporting requirements, which may result in civil monetary penalties.

#### QUESTIONS OR CONCERNS
Any questions or concerns regarding the Company's Policies and Procedures to detect and prevent

insider trading should be directed to the Chief Accounting Officer, or, if such questions or concerns

involve the Chief Accounting Officer, to the Chief Financial Officer. The Chief Accounting Officer's

personal trading activity will be reviewed by the Chief Financial Officer.

[1] For purposes of Section 16, "officer" means the Company's president, principal financial officer, principal

accounting officer (or, if there is no such accounting officer, the controller), any vice-president in charge of a principal

business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-

making function, or any other person who performs similar policy-making functions for the Company per Rule 16a-

1 under the Exchange Act. "Director" is defined in Section 3(a)(7) of the Exchange Act as "any director of a

corporation or any person performing similar functions with respect to any organization, whether incorporated or

unincorporated."

[2] Directors and officers of foreign private issuers (i.e. the Company) remain exempt from Section 16(b) (short-

swing profit liability) and Section 16(c) (short sale prohibitions). Additionally, beneficial owners of 10% or more of

the Company's equity securities who are not also directors or officers remain entirely exempt from Section 16.

[3] For purposes of Section 16(a) reporting, a person is deemed to be the "beneficial owner" of securities if that

person has or shares a direct or indirect pecuniary interest in the securities. Pecuniary interest means the

opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities.

Beneficial ownership includes securities held by: (i) immediate family members sharing the same household; (ii)

partnerships in which the reporting person is a general partner; (iii) corporations in which the reporting person is a

controlling shareholder; and (iv) trusts of which the reporting person is a trustee or beneficiary.

## Exhibit 12.1

#### Exhibit 12.1

#### CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, Semiramis Paliou, 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 Company's internal control over financial reporting that occurred

during the period covered by the annual report that has materially affected, or is reasonably likely to materially

affect, the Company's internal control over financial reporting.

5. The Company's other certifying officer(s) 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 Company's board of directors (or

persons performing the equivalent functions):

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:

March 13, 2026

/s/ Semiramis Paliou

Semiramis Paliou

Principal Executive Officer

## Exhibit 12.2

#### Exhibit 12.2

#### CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
I, Maria Dede, 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 Company's internal control over financial reporting that occurred

during the period covered by the annual report that has materially affected, or is reasonably likely to materially

affect, the Company's internal control over financial reporting.

5. The Company's other certifying officer(s) 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 Company's board of directors (or

persons performing the equivalent functions):

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:

March 13, 2026

/s/ Maria Dede

Maria Dede

Principal Financial Officer

## Exhibit 13.1

#### Exhibit 13.1

#### PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

#### PURSUANT TO 18 U.S.C. SECTION 1350
In connection with this Annual Report of Diana Shipping Inc. (the "Company") on Form 20-F for the year ended December 31,

2025 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Semiramis

Paliou, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section

906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of

operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and

furnished to the SEC or its staff upon request.

Date:

March 13, 2026

/s/ Semiramis Paliou

Semiramis Paliou

Principal Executive Officer

## Exhibit 13.2

#### Exhibit 13.2

#### PRINCIPAL FINANCIAL OFFICER CERTIFICATION

#### PURSUANT TO 18 U.S.C. SECTION 1350
In connection with this Annual Report of Diana Shipping Inc. (the "Company") on Form 20-F for the year ended December 31,

2025 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Maria

Dede, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section

906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of

operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and

furnished to the SEC or its staff upon request.

Date:

March 13, 2026

/s/ Maria Dede

Maria Dede

Principal Financial Officer

## Exhibit 15.1

#### CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-280693 on Form F-3 of our reports

dated March 13, 2026, relating to the consolidated financial statements of Diana Shipping Inc. and the effectiveness

of Diana Shipping Inc.'s internal control over financial reporting appearing in this Annual Report on Form 20-F for

the year ended December 31, 2025.

/s/ Deloitte Certified Public Accountants S.A.

Athens, Greece

March 13, 2026

## Exhibit 15.2

#### Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form F-3 No. 333-280693)

of Diana Shipping Inc., of our report dated April 4, 2024, with respect to the consolidated financial

statements of Diana Shipping Inc., included in this Annual Report (Form 20-F) for the year ended

December 31, 2025.

/s/ Ernst & Young (Hellas) Certified Auditors Accountants S.A.

Athens, Greece

March 13, 2026