# EDGAR Filing Document

**Accession Number:** 0001318885
**File Stem:** 0001562762-23-000136
**Filing Date:** 2023-3
**Character Count:** 115883
**Document Hash:** 111196438a108f46c07c1a2c2f3db571
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562762-23-000136.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001562762-23-000136

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIANA SHIPPING INC.
- **CENTRAL INDEX KEY:** 0001318885
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32458
- **FILM NUMBER:** 23761666

**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 2.8

#### Exhibit 2.8
DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

As of December 31, 2022, 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) (5) Series D Preferred Shares; and

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

Preferred Shares").

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 Inc.

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 the 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 stock, holders 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 a 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 any action required or permitted to be

taken by our stockholders must be effected at an annual or special meeting of stockholders or by the unanimous written

consent of our stockholders. Our amended and restated articles of incorporation and bylaws provide that, subject to

certain exceptions, our Chairman, Chief Executive Officer, or Secretary at the direction of the board of directors or

holders of not less than one-fifth of all outstanding shares may call special meetings of our stockholders and the

business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a stockholder

may be prevented from calling a special meeting for stockholder consideration of a proposal over the opposition of

our board of directors and stockholder consideration of a proposal may be delayed until the next annual 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 an 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 B

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 a 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 are 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 any 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 100,000 votes, on all matters submitted to a vote of

the stockholders of the Company, subject to a maximum number of votes eligible to be cast by such holder derived

from the Series D Preferred Shares and any other voting security of the Company held by the holder to be equal to

the lesser of (i) 36% of the total number of votes entitled to vote on any matter put to shareholders of the Company

and (ii) the sum of the holder's aggregate voting power derived from securities other than the Series D Preferred Stock

and 15% of the total number of votes entitled to be cast on matters put to shareholders of the Company. The Series D

Preferred Stock is transferable only to the holder's immediate family members and to affiliated persons.

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 June 23, 2021.

#### DESCRIPTION OF PREFERRED STOCK PURCHASE RIGHTS
On January 15, 2016, we entered into a Stockholders Rights Agreement, or the Rights Agreement, with Computershare

Trust Company, N.A., as Rights Agent, to replace the Amended and Restated Stockholders Rights Agreement dated

October 7, 2008.

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 $40.00 per share. The Rights will separate from the common stock and become

exercisable only if a person or group acquires beneficial ownership of 18.5% 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 18.5% 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 can 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 June 28, 2018.

*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 will expire at the close of business on January 14, 2026, unless we redeem or exchange 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 affiliates or

associates, who beneficially owns 18.5% 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 18.5% or more of the Company's common stock on

the effective date of the Rights Agreement are excluded from the definition of "acquiring person" until such time as

they acquire additional shares in excess of 2% of the Company's then outstanding common stock as specified in the

Rights Agreement for purposes of the Rights, and therefore, until such time, their ownership cannot trigger the Rights.

Specified "inadvertent" owners that would otherwise become an acquiring person, including those who would have

this designation as a result of repurchases of common stock by us, will not become acquiring persons as a result of

those transactions.

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 a 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 as 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
The following table provides a comparison between some statutory provisions of the Delaware General Company

Law and the Marshall Islands Business Corporations Act relating to shareholders' rights.

#### 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 determined by the board of directors.

Special meetings of the shareholders may be called by the

board of directors or by such person or persons as may be

authorized by the articles of incorporation or by the

bylaws.

Special 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 the Marshall Islands.

May be held within or without Delaware.

Notice:

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.

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.

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.

Written notice shall be given not less than 10 nor 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 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 action required to be taken at a meeting of

shareholders may be taken without a meeting if a

consent for such action is in writing and is signed by

shareholders having not fewer 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.

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.

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.

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.

The certificate of incorporation may provide for

cumulative voting in the election of directors.

#### Marshall Islands

#### Delaware

#### 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 a 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.

Every corporation may at any meeting of the board

sell, lease or exchange all or substantially all of its

property and assets as its 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 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 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, 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.

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 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.

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 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.

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:

Removal:

Any or all of the directors may be removed for cause by

vote of the shareholders.

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.

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.

In the case of a classified board, shareholders may

effect removal of any or all directors only for cause.

#### Marshall Islands

#### Delaware

#### 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.

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.

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.

#### 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.

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.

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.

Other requirements regarding derivative suits have

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).

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 8.1

#### Exhibit 8.1

#### SUBSIDIARIES AS AT DECEMBER 31, 2022

#### Subsidiary

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

The Republic of the Marshall Islands

Ailuk 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

Bokak Shipping Company Inc.

The Republic of the Marshall Islands

Bonriki Shipping Company Inc.

The Republic of the Marshall Islands

Cerada International 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

Fayo 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

Knox Shipping Company Inc.

The Republic of the Marshall Islands

Lae Shipping Company Inc.

The Republic of the Marshall Islands

Lelu Shipping Company Inc.

The Republic of the Marshall Islands

Lib 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

Mandaringina 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

Namu Shipping Company Inc.

The Republic of the Marshall Islands

Namorik 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

Vesta Commercial, S.A.

Republic of Panama

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

Diana Ship Management Inc.

The Republic of the Marshall Islands

Diana Shipping Services S.A.

Republic of Panama

Bulk Carriers (USA) LLC

United States (State of Delaware)

## Exhibit 12.1

#### Exhibit 12.1

#### CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
I, Semiramis Paliou, certify that:

1. I have reviewed this annual report on Form 20-F of Diana Shipping Inc. for the year ended December 31, 2022;

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; and

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 27, 2023

/s/ Semiramis Paliou

Semiramis Paliou

Chief Executive Officer (Principal Executive Officer)

## Exhibit 12.2

#### Exhibit 12.2

#### CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER
I, Ioannis Zafirakis, certify that:

1. I have reviewed this annual report on Form 20-F of Diana Shipping Inc. for the year ended December

31, 2022;

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; and

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 27, 2023

/s/ Ioannis Zafirakis

Ioannis Zafirakis

Chief Financial Officer (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, 2022 as filed with the Securities and Exchange Commission (the "SEC") on or about

the date hereof (the "Report"), I, Semiramis Paliou, Chief 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 27, 2023

/s/ Semiramis Paliou

Semiramis Paliou

Chief Executive Officer (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, 2022 as filed with the Securities and Exchange Commission (the "SEC") on or about

the date hereof (the "Report"), I, Ioannis Zafirakis, Chief 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 27, 2023

/s/ Ioannis Zafirakis

Ioannis Zafirakis

Chief Financial Officer (Principal Financial Officer)

## Exhibit 15.1

#### Exhibit 15.1

#### Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form F-3 No. 333-256791) of Diana Shipping Inc., and

(2) Registration Statement (Form F-3 No. 333-266999) of Diana Shipping Inc.;

of our reports dated March 27, 2023, with respect to the consolidated financial statements of Diana

Shipping Inc. and the effectiveness of internal control over financial reporting of Diana Shipping

Inc. included in this Annual Report (Form 20-F) for the year ended December 31, 2022.

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

Athens, Greece

March 27, 2023

## Exhibit 4.45

#### Exhibit 4.45

#### Dated ___ July 2021

#### KNOX SHIPPING COMPANY INC.

#### BOKAK SHIPPING COMPANY INC.

#### JEMO SHIPPING COMPANY INC.

#### GUAM SHIPING COMPANY INC.

#### PALAU SHIPPING COMPANY INC.

#### MAKUR SHIPPING COMPANY INC.
and

#### MANDARINGINA INC.
as joint and several Borrowers

and

#### DIANA SHIPPING INC.
as Corporate Guarantor

and

#### THE BANKS AND FINANCIAL INSTITUTIONS

#### listed in Schedule 1
as Lenders

and

#### NORDEA BANK ABP
as Swap Bank

and

#### NORDEA BANK ABP, FILIAL I NORGE
as Agent, Security Trustee and

Lead Arranger

#### SUPPLEMENTAL AGREEMENT
relating to a Loan Agreement dated 7 May 2020

in respect of a loan facility of (originally) up to US$55,848,000

#### Index

#### Clause

#### Page

Definitions and Interpretation

Agreement of the Creditor Parties

Conditions Precedent and Subsequent

Representations

Amendments to Loan Agreement and other Finance Documents

Further Assurance

Fees

Costs and Expenses

Notices

Counterparts

Governing Law

Enforcement

#### Schedules
Schedule 1 The Lenders and commitments

Schedule 2 Effective Date Certificate

#### Execution
Execution Pages

#### THIS AGREEMENT
is made on ___ July 2021

#### PARTIES
(1) #### KNOX SHIPPING COMPANY INC
.,

#### BOKAK SHIPPING COMPANY INC.
,

#### JEMO SHIPPING COMPANY INC.
,

#### GUAM SHIPPING COMPANY INC.
,

#### PALAU SHIPPING COMPANY INC.
,

#### MAKUR SHIPPING COMPANY INC.,

#### MANDARINGINA INC.
, each a corporation incorporated in the Republic of the Marshall Islands whose registered

office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960, as joint

and several borrowers (together, the "

#### Borrowers
" and each a "

#### Borrower
");

(2) #### THE BANKS AND FINANCIAL INSTITUTIONS
listed in Schedule 1, as lenders (the "

#### Lenders
");

(3) #### NORDEA BANK ABP
as swap bank (the "

#### Swap Bank
");

(4) #### NORDEA BANK ABP, FILIAL I NORGE
as agent (the "

#### Agent
");

(5) #### NORDEA BANK ABP, FILIAL I NORGE
as lead arranger (the "

#### Lead Arranger
"); and

(6) #### NORDEA BANK ABP, FILIAL I NORGE
as security trustee (the "

#### Security Trustee
").

#### BACKGROUND
(A) By the Loan Agreement, the Lenders have made available to the Borrowers a facility of (originally) up to $55,848,000

for the purpose of re-financing existing indebtedness secured on the Ships of which $46,540,000 is outstanding at

the date of this Agreement.

(B) The Borrowers have requested that the Creditor Parties agree to, inter alia:

(i) the increase of the Loan by an amount of up to $460,000 to be made available to the Borrowers for working

capital purposes and following the drawdown of such additional advance the outstanding amount of the

Loan shall not exceed $47,000,000; and

(ii) the extension of the Final Maturity Date to 19 March 2024,

together, the "

#### Requests
".

(C) This Agreement sets out the terms and conditions on which the Lenders and the other Creditor Parties agree, with

effect on and from the Effective Date, at the request of the Borrowers, to:

(i) the Requests; and

(ii) the consequential amendment of the Loan Agreement and the other Finance Documents in connection with

those matters (the "

#### Consequential Amendments
").

#### OPERATIVE PROVISIONS

#### 1 DEFINITIONS AND INTERPRETATION
1.1 Definitions

In this Agreement:

"

#### Effective Date
" means the date on which the conditions precedent in Clause 3.2 are satisfied as confirmed by the

Effective Date Certificate.

"

#### Effective Date Certificate
" means a certificate executed by the Lender in the form set out in Schedule 2.

"

#### Loan Agreement
" means the Loan Agreement dated 7 May 2020 (as the same is amended or supplemented or

restated from time to time) and made between, amongst others, (i) the Borrowers, (ii) the Lenders, (iii) Swap Bank,

(iv) the Agent, (v) the Lead Arranger and (viii) the Security Trustee .

"

#### Mortgage Addendum
" means, in relation to each Remaining Ship, an addendum to the Mortgage in respect

thereof in agreed form.

"

#### Remaining Ships
" means each of Ship A, Ship B, Ship C, Ship D, Ship E, Ship F and Ship G.

"

#### Supplemental General Assignment
" means, in relation to each General Assignment, a document executed or to

be executed by the relevant Borrower and the Security Trustee, supplementing that General Assignment.

"

#### Supplemental Master Agreement Assignment
" means a document executed or to be executed by the Borrowers

and the Security Trustee, supplementing the Master Agreement Assignment.

"

#### Supplemental Security Documents
" means together:

(a) the Supplemental General Assignments;

(b) the Supplemental Master Agreement Assignment; and

(c) the Supplemental Shares Pledges.

"

#### Supplemental Shares Pledge
" means, in relation to each Shares Pledge, a document executed or to be executed

by the Corporate Guarantor and the Security Trustee, supplementing that Shares Pledge.

1.2 Defined expressions

Defined expressions in the Loan Agreement and the other Finance Documents shall have the same meanings when

used in this Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.

1.3 Application of construction and interpretation provisions of Loan Agreement

Clause 1.2 (*Construction of certain terms*) of the Loan Agreement applies to this Agreement as if it were expressly

incorporated in it with any necessary modifications.

1.4 Designation as a Finance Document

The Borrowers and the Agent designate this Agreement as a Finance Document.

1.5 Third party rights

Unless provided to the contrary in a Finance Document, a person who is not a Party has no right under the Third

Parties Act to enforce or to enjoy the benefit of any term of this Agreement.

#### 2 AGREEMENT OF THE CREDITOR PARTIES
2.1 Agreement of the Creditor Parties

The Creditor Parties agree, subject to and upon the terms and conditions of this Agreement, to:

(a) the Requests; and

(b) the Consequential Amendments.

2.2 Effective Date

The agreement of the Lenders and the other Creditor Parties contained in Clause 2.1 (*Agreement of the Creditor* 

*Parties*) shall have effect on and from the Effective Date.

#### 3 CONDITIONS PRECEDENT AND SUBSEQUENT
3.1 General

The agreement of the Lenders and the other Creditor Parties contained in Clauses 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 Agent shall have received the following documents and

evidence in all respects in form and substance satisfactory to the Agent and its lawyers on or before the Effective

Date:

(a) a certificate from each of the Borrowers confirming the names of all the officers, directors and shareholders of that

Borrower and confirming that there have been no changes or amendments to the constitutional documents which

were previously delivered to the Agent;

(b) true and complete copies of the resolutions passed at separate meetings of all the directors and shareholders of

each of the Borrowers authorising and approving the execution of this Agreement;

(c) the original of any power of attorney issued by each of Borrowers pursuant to such resolutions aforesaid;

(d) evidence satisfactory to the Agent that each of the Borrowers, the Corporate Guarantor and the Approved Manager

is currently existing in goodstanding in the relevant jurisdiction of its incorporation;

(e) a duly executed original of this Agreement signed by the parties to it and countersigned by the Corporate Guarantor

and the Approved Manager;

(f) a duly executed original of each Mortgage Addendum together with documentary evidence that that Mortgage

Addendum has been duly registered as a valid addendum to the Mortgage in respect of the relevant Remaining

Ship in accordance with the laws of the jurisdiction of its Approved Flag;

(g) a duly executed original of each Supplemental Security Document (and any other document required thereunder);

(h) documentary evidence that the agent for service of process named in clause 32.4 (*Process agent*) of the Loan

Agreement has accepted its appointment under this Agreement;

(i) favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the Marshall

Islands and such other relevant jurisdiction as the Agent may require;

(j) evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 7 (*Fees*) and clause

20.4 (*Costs of variations, amendments, enforcement etc.*) of the Loan Agreement have been paid; and

(k) any other document or evidence as the Agent may request in writing from the Borrowers.

3.3 Conditions subsequent

The Borrowers undertake to deliver to the Agent by the end of February 2022 evidence that the Borrowers and the

Corporate Guarantor are in compliance with the Republic of the Marshall Islands Economic Substance Regulations

2018. #### 4 REPRESENTATIONS
4.1 Repetition Loan Agreement representations

Each Borrower makes the representations and warranties set out in clause 10 (*Representations and warranties*) of

the Loan Agreement, as amended and supplemented by this Agreement and updated with appropriate modifications

to refer to this Agreement and, where appropriate, the relevant Mortgage Addendum, and by reference to the

circumstances then existing on the date of this Agreement and on the Effective Date.

4.2 Finance Document representations

Each Borrower and each of the Security Parties makes the representations and warranties set out in the Finance

Documents (other than the Loan Agreement) to which it is a party, as amended and supplemented by this

Agreement and updated with appropriate modifications to refer to this Agreement and, where appropriate, the

relevant Mortgage Addendum, by reference to the circumstances then existing on the date of this Agreement and

on the Effective Date.

#### 5 AMENDMENTS TO LOAN AGREEMENT AND OTHER FINANCE DOCUMENTS
5.1 Specific amendments to the Loan Agreement

With effect on and from the Effective Date the Loan Agreement shall be, and shall be deemed by this Agreement

to be, amended as follows:

(a) by deleting the wording "relating to a term loan facility of up to US$55,848,000 to re-finance existing indebtedness"

in the cover page of the Loan Agreement and replacing it with the wording "relating to a term loan facility of

(originally) up to US$55,848,000 to re-finance existing indebtedness and an additional amount of US$460,000 to

provide working capital";

(b) by deleting recital (A) of the Loan Agreement and replacing it with the following new recital (A):

"(A) The Lenders have agreed to make available to the Borrowers a term loan facility in up to two Advances as

follows:

(i) Advance A, in an amount of up to the lesser of (i) US$55,848,000, (ii) the Existing Indebtedness

and (ii) 65 per cent. of the aggregate Initial Market Value of the Ships for the purpose of re-financing

the Existing Indebtedness (as defined below); and

(ii) pursuant to the terms of the Supplemental Agreement, Advance B, in an amount of up to U$460,000

for the purposes of providing the Borrowers with working capital ";

(c) by inserting in clause 1.1 (*Definitions*) of the Loan Agreement the following new definitions:

"

#### Advance
" means the principal amount of each borrowing by the Borrowers under this Agreement and includes

each of Advance A and Advance B or, as the context may require, the principal amount thereof outstanding at any

relevant time;

"

#### Advance A
" means the part of the Loan made available to the Borrowers in accordance with Clause 2.1(a) in

amount of up to $55,848,000 for the purpose of refinancing the Existing Indebtedness;

"

#### Advance B
" means the part of the Loan made or to be made available to the Borrowers in accordance with Clause

2.1(b) in amount of up to $460,000 for the purpose of providing working capital to Borrowers;

"

#### Availability Period
" means in relation to:

(a) Advance A, 11 May 2020; and

(b) Advance B, ___ August 2021;

"

#### Supplemental Agreement
" means the supplemental agreement to this Agreement dated ___ July 2021 and made

between (i) the Borrowers, (ii) the Lender, (iii) Swap Bank, (iv) the Agent, (v) the Security Trustee and (vi) the Lead

Arranger;

(d) by deleting the definitions of "Extension Request", "Initial Extension Request", "Subsequent Extension Request " in

their entirety and all references throughout;

(e) by deleting the definition of "Drawdown Date" and replacing it with the following new definition:

""

#### Drawdown Date
" means, in relation to an Advance, the date requested by the Borrowers for the Advance to be

made, or (as the context requires) the date on which the Advance is actually made;";

(f) by deleting the definition of "Final Maturity Date" and replacing it with the following new definition:

""

#### Final Maturity Date
" means 19 March 2024.";

(g) by deleting the definition of "Majority Lenders" and replacing it with the following new definition:

""

#### Majority Lenders
" means:

(a) before an Advance has been advanced, Lenders whose Commitments total 66.67 per cent. of the Total

Commitments; and

(b) after an Advance has been advanced, Lenders whose Contributions total 66.67 per cent. of the Loan.";

(h) by deleting clause 2.1 (*Amount of facility*) of the Loan Agreement and replacing it with the following new clause 2.1:

"

2.1 Amount of facility

Subject to the other provisions of this Agreement, the Lenders:

(a) have made available to the Borrowers, Advance A on 11 May 2020 for the purpose of refinancing the

Existing Indebtedness; and

(b) shall make available to the Borrowers, Advance B for the purpose of providing working capital.";

(i) by deleting clause 2.2 (*Lenders' participation in Advances*) of the Loan Agreement and replacing it with the following

new clause 2.2:

"

2.2 Lenders' participation in Advances

Subject to the other provisions of this Agreement, each Lender shall participate in each Advance in the

proportion which, as at the relevant Drawdown Date, its Commitment bears to the Total Commitments.";

(j) by deleting clause 2.3 (*Purpose of Advances*) of the Loan Agreement and replacing it with the following new clause

2.3:

"

2.2 Purpose of Advances

The Borrowers undertake with each Creditor Party to use each Advance only for the purpose stated in the

preamble to this Agreement and in Clause 2.1.";

(k) by deleting clause 4.1 (*Request of the Loan*) of the Loan Agreement and replacing it with the following new clause

4.1:

"

4.1 Request for Advance

Subject to the following conditions, the Borrowers may request an Advance to be made by ensuring that

the Agent receives a completed Drawdown Notice not later than 11.00 a.m. (Oslo time) 3 Business Days

(or such shorter period as the Agent may, in its absolute discretion, agree) prior to the intended Drawdown

Date.";

(l) by deleting clause 4.2 (*Availability*) of the Loan Agreement and replacing it with the following new clause 4.2:

"

4.2 Availability

The conditions referred to in Clause 4.1 are that:

(a) the Drawdown Date in relation to an Advance has to be a Business Day during the Availability Period;

(b) each Advance shall not exceed the amount applicable thereto referred to in Clause 2.1 and shall be used

for the purpose referred to therein; and

(c) the aggregate amount of the Advances shall not exceed the Total Commitments.";

(m) by deleting clause 4.3 (*Notification to Lenders of receipt of a Drawdown Notice*) of the Loan Agreement and

replacing it with the following new clause 4.3:

"

4.3 Notification to Lenders of receipt of a Drawdown Notice

The Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each

Lender of:

(a) the amount of the Advance and the Drawdown Date;

(b) the amount of that Lender's participation in the Advance; and

(c) the duration of the first Interest Period.";

(n) by deleting clause 5.9 (*Suspension of drawdown*) of the Loan Agreement and replacing it with the following new

clause 5.9:

"

5.9 Suspension of drawdown

If the Agent's notice under Clause 5.8 is served before an Advance is made:

(a) in a case falling within Clauses 5.7(a) or 5.7(b), the Lenders ' obligations to make the Advance; and

(b) in a case falling within Clause 5.7, the Affected Lender's obligation to participate in the Advance,

shall be suspended while the circumstances referred to in the Agent's notice continue.";

(o) by deleting clause 5.10 (*Negotiation of alternative rate of interest*) of the Loan Agreement and replacing it with the

following new clause 5.10:

"

5.10 Negotiation of alternative rate of interest

If the Agent's notice under Clause 5.5 is served after an Advance is made, then subject to Clause 27.4, the

Borrowers, the Agent, the Lenders or (as the case may be) the Affected Lender shall use reasonable

endeavours to agree, within 30 days after the date on which the Agent serves its notice under Clause 5.5

(the "

#### Negotiation Period
"), an alternative interest rate or (as the case may be) an alternative basis for the

Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution

during the Interest Period concerned.";

(p) by deleting clause 6.1 (*Commencement of Interest Periods*) of the Loan Agreement and replacing it with the

following new clause 6.1:

"

6.1 #### Commencement of Interest Periods
The first Interest Period applicable to an Advance shall commence on the Drawdown Date of that Advance

and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period.";

(q) by deleting clause 8.1 (*Amount of repayment instalments*) of the Loan Agreement and replacing it with the following

new clause 8.1:

"

8.1 Amount of repayment instalments

Save as previously repaid or prepaid, the Borrowers shall repay the Loan by:

(A) 11 equal consecutive three-monthly instalments each in an amount equal to $1,861,600; and

(B) a balloon instalment in an amount equal to $26,522,400.";

(r) by deleting clause 8.2 (*Repayment Dates*) of the Loan Agreement and replacing it with the following new clause

8.2:

"

8.2 Repayment Dates

The first Repayment Instalment for the Loan shall be repaid on 19 September 2021, each subsequent

Repayment Instalment shall be repaid at three-monthly intervals thereafter and the last Repayment

Instalment together with the Balloon Instalment shall be repaid on the Final Maturity Date."

(s) by deleting clause 8.3 (*Extension of Final Maturity Date*) of the Loan Agreement in its entirety;

(t) by deleting in Schedule 1 (*Lenders and Commitments*) of the Loan Agreement "$55,848,000" in its entirety and

replacing it with "$56,308,000 (of which the amount of $55,848,000 has been drawn on 11 May 2020 and an

additional amount of $460,000 is available on the date of the Supplemental Agreement)";

(u) by deleting Schedule 2 (*Drawdown Notice*) of the Loan Agreement in its entirety and replacing it with the following:

"

#### SCHEDULE 2

#### DRAWDOWN NOTICE
To: Nordea Bank Abp, filial i Norge

Essendrops gate 7, Postboks

1166 Sentrum, 0107 Oslo

920058817 MVA, Norway

Attention: [Loans Administration]

[

• ] 2020

1 We refer to the loan agreement (the "

#### Loan Agreement
") dated [

• ] 2020 and made between ourselves, as joint and

several Borrowers, the Lenders referred to therein, and yourselves as Agent, as Security Trustee, as Lead Arranger

and as Swap Bank in connection with a facility of up to (originally) US$55,848,000. Terms defined in the Loan

Agreement have their defined meanings when used in this Drawdown Notice.

2 We request to borrow as follows:

(a) Amount of [Advance A][Advance B]: US$[55,848,000][460,000];

(b) Drawdown Date: [11 May 2020] [[•] 2021];

(c) [Duration of the first Interest Period shall be [1][3] months;] and

(d) Payment instructions: account in our name and numbered [•] with [•] of [•].

3 We represent and warrant that:

(a) the representations and warranties in clause 10 of the Loan Agreement would remain true and not misleading if

repeated on the date of this notice with reference to the circumstances now existing; and

(b) no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the Loan.

4 This notice cannot be revoked without the prior consent of the Majority Lenders.

[Name of Signatory]

Director

for and on behalf of

#### KNOX SHIPPING COMPANY INC.

#### BOKAK SHIPPING COMPANY INC.

#### JEMO SHIPPING COMPANY INC.

#### GUAM SHIPING COMPANY INC.

#### PALAU SHIPPING COMPANY INC.

#### MAKUR SHIPPING COMPANY INC.
and

#### MANDARINGINA INC.
";

(v) by construing the definition of, and references throughout to, each Finance Document as if the same referred to

that Finance Document as amended and supplemented by this Agreement; and

(w) by construing references throughout to "this Agreement" and other like expressions as if the same referred to the

Loan Agreement as amended and supplemented by this Agreement.

5.2 Amendments to Finance Documents

With effect on and from the Effective Date each of the Finance Documents (other than the Loan Agreement and

each Mortgage which is amended and supplemented by the relevant Mortgage Addendum), shall be, and shall be

deemed by this Agreement to be, amended as follows:

(a) by substituting in the Finance Documents references "$55,848,000" with references to "an amount of (originally) up

to US$55,848,000 to re-finance existing indebtedness and an additional amount of US$460,000 to provide working

capital";

(b) the definition of, and references throughout each of the Finance Documents to, the Loan Agreement and any of the

other Finance Documents shall be construed as if the same referred to the Loan Agreement and those Finance

Documents as amended and supplemented by this Agreement ;

(c) the definition of, and references throughout each of the Finance Documents to, a Mortgage shall be construed as

if the same referred to that Mortgage as amended and supplemented by the relevant Mortgage Addendum; and

(d) by construing references throughout each of the Finance Documents to "this Agreement", "this Deed" and other like

expressions as if the same referred to such Finance Documents as amended and supplemented by this Agreement.

5.3 Finance Documents to remain in full force and effect

The Finance Documents shall remain in full force and effect as amended and supplemented by:

(a) the amendments to the Finance Documents contained or referred to in Clause 5.1 (*Specific amendments to the* 

*Loan Agreement*) and Clause 5.2 (*Amendments to Finance Documents*); and

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

#### 6 FURTHER ASSURANCE
6.1 Borrowers' and each Security Party's obligation to execute further documents etc.

The Borrowers and each Security Party shall:

(a) execute and deliver to the Security Trustee (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 Security Trustee may, in any

particular case, specify;

(b) effect any registration or notarisation, give any notice or take any other step,

which the Agent may, by notice to the Borrowers, 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 Agent intended should be created

by or pursuant to the Loan Agreement or any other Finance Document, each as amended and supplemented by

this Agreement, and

(b) implementing the terms and provisions of this Agreement.

6.3 Terms of further assurances

The Security Trustee may specify the terms of any document to be executed by the Borrowers or any Security Party

under Clause 6.1, and those terms may include any covenants, powers and provisions which the Security Trustee

considers appropriate to protect its interests.

6.4 Obligation to comply with notice

Each Borrower or any Security Party shall comply with a notice under Clause 6.1 by the date specified in the notice.

#### 7 FEES
The Borrowers shall pay to the Agent on or before the date of this Agreement an amendment fee of $141,000 .

#### 8 COSTS AND EXPENSES
Clause 20.4 (*Costs of variations, amendments, enforcement etc.*) of the Loan Agreement, as amended and

supplemented by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any

necessary modifications.

#### 9 NOTICES
Clause 28 (*Notices*) of the Loan Agreement, as amended and supplemented by this Agreement, applies to this

Agreement as if it were expressly incorporated in it with any necessary modifications.

#### 10 COUNTERPARTS
This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures

on the counterparts were on a single copy of this Agreement.

#### 11 GOVERNING LAW
This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English

law.

#### 12 ENFORCEMENT
12.1 Jurisdiction

(a) The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this

Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-

contractual obligation arising out of or in connection with this Agreement) (a "

#### Dispute
").

(b) The Security Parties accept that the courts of England are the most appropriate and convenient courts to settle

Disputes and accordingly no Security Party will argue to the contrary.

(c) This Clause 12.1 (*Jurisdiction*) is for the benefit of the Creditor Parties only. As a result, no Secured Party shall be

prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed

by law, the Creditor Parties may take concurrent proceedings in any number of jurisdictions.

12.2 Service of process

(a) Without prejudice to any other mode of service allowed under any relevant law, each Security Party:

(i) irrevocably appoints Hill Dickinson Services (London) Ltd, at its registered office for the time being,

presently at 7 Duke's Place, London EC3A 7LP, England as its agent for service of process in relation to

any proceedings before the English courts in connection with any Finance Document; and

(ii) agrees that failure by a process agent to notify the relevant Security Party of the process will not invalidate

the proceedings concerned.

(b) If any person appointed as an agent for service of process is unable for any reason to act as agent for service of

process, the Borrowers (on behalf of all the Security Parties) must immediately (and in any event within five days

of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may

appoint another agent for this purpose.

#### This Agreement has been entered into on the date stated at the beginning of this Agreement.

#### SCHEDULE 1

#### THE LENDERS AND COMMITMENTS

#### Lender

#### Lending Office

#### Commitment

#### (US Dollars)
Nordea Bank Abp,

filial i Norge

Essendrops gate 7, Postboks

1166 Sentrum, 0107 Oslo

920058817 MVA

Norway

$56,308,000 (of which the amount of

$55,848,000 has been drawn on 11 May

2020 and an additional amount of

$460,000 is available on the date of the

Supplemental Agreement)

#### SCHEDULE 2

#### EFFECTIVE DATE CERTIFICATE
To:

#### KNOX SHIPPING COMPANY INC.

#### BOKAK SHIPPING COMPANY INC.

#### JEMO SHIPPING COMPANY INC.

#### GUAM SHIPING COMPANY INC.

#### PALAU SHIPPING COMPANY INC.

#### MAKUR SHIPPING COMPANY INC.

#### MANDARINGINA INC.
[●] 2021

#### Loan Agreement dated 7 May 2020 (as amended and supplemented, the "Loan Agreement") and made between (i)

#### KNOX SHIPPING COMPANY INC
.,

#### BOKAK SHIPPING COMPANY INC.
,

#### JEMO SHIPPING COMPANY INC.
,

#### GUAM

#### SHIPPING COMPANY INC.
,

#### PALAU SHIPPING COMPANY INC.
,

#### MAKUR SHIPPING COMPANY INC. and

#### MANDARINGINA INC., as joint and several borrowers, (ii) the banks and financial institutions listed in schedule 1

#### thereto as lenders, (iii) NORDEA BANK ABP as swap bank and (iv) ourselves as agent, security trustee and lead

#### arranger in respect of a loan facility of (originally) up to US$55,848,000
Dear Sirs,

We refer to the supplemental agreement dated [●] July 2021 (the "

#### Supplemental Agreement
") relating to the Loan

Agreement.

Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.

We hereby confirm that all conditions precedent referred to in Clause 3.2 of Supplemental Agreement have been satisfied

[save for as described below which shall be satisfied within 5 Business Days of the date of this confirmation]. In accordance

with Clause 3.2 of the Supplemental Agreement the Effective Date is the date of this certificate.

[Outstanding Conditions Precedent: [●]]

for and on behalf of

#### NORDEA BANK ABP, FILIAL I NORGE

#### EXECUTION PAGES

#### BORROWERS

#### SIGNED
by)

duly authorised)

for and on behalf of)

#### KNOX SHIPPING COMPANY INC.)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### SIGNED
by)

duly authorised)

for and on behalf of)

#### BOKAK SHIPPING COMPANY INC.)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### SIGNED
by)

duly authorised)

for and on behalf of)

#### JEMO SHIPPING COMPANY INC.)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### SIGNED
by)

duly authorised)

for and on behalf of)

#### GUAM SHIPING COMPANY INC.)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### SIGNED
by)

duly authorised)

for and on behalf of)

#### PALAU SHIPPING COMPANY INC.)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### SIGNED
by)

duly authorised)

for and on behalf of)

#### MAKUR SHIPPING COMPANY INC.)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### SIGNED
by)

duly authorised)

for and on behalf of)

#### MANDARINGINA INC.)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### LENDERS

#### SIGNED
by))

duly authorised)

for and on behalf of)

#### NORDEA BANK ABP, FILIAL I NORGE)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### THE SWAP BANK

#### SIGNED
by))

duly authorised)

for and on behalf of)

#### NORDEA BANK ABP)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### THE AGENT

#### SIGNED
by))

duly authorised)

for and on behalf of)

#### NORDEA BANK ABP, FILIAL I NORGE)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### THE SECURITY TRUSTEE

#### SIGNED
by))

duly authorised)

for and on behalf of)

#### NORDEA BANK ABP, FILIAL I NORGE)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### LEAD ARRANGER

#### SIGNED
by))

duly authorised)

for and on behalf of)

#### NORDEA BANK ABP, FILIAL I NORGE)

in the presence of:)

Witness' signature:)

Witness' name:)

Witness' address:)

#### COUNTERSIGNED
this day ____ July 2021 for and on behalf of each of the following Security Parties which, by its

execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Agreement,

that it agrees in all respects to the same and that the Finance Documents to which it is a party shall remain in full force and

effect and shall continue to stand as security for the obligations of the Borrowers under the Loan Agreement and the other

Finance Documents (each as amended and supplemented by this Agreement).

for and on behalf of

#### Diana Shipping Services S.A.
as Approved Manager

for and on behalf of

#### Diana Shipping Inc.
as Corporate Guarantor

## Exhibit 4.47

![exhibit447p1i0](exhibit447p1i0.gif)

#### Exhibit 4.47

#### RIGHT OF FIRST REFUSAL
**AGREEMENT**

This Right of First Refusal Agreement (this "Agreement")

is made effective as of

November 8, 2021 between Diana Shipping Inc., a Marshall Islands corporation (the "Grantor"),

and

OceanPal Inc., a Marshall Islands corporation (the "Company").**BACKGROUND**

The Company is a wholly-owned subsidiary of the Grantor, and the Grantor intends to

distribute of all of the Company's

issued and outstanding

common shares to the Grantor's

shareholders (the "Spin-Off")

such that the Company will be an independent publicly traded

company following the Spin-Off. In connection with the Spin-Off , the Grantor desires to grant the

Company a right of first refusal to acquire one or all of six vessels identified in Exhibit A hereto

(each, a "Subject Vessel") when and if the Grantor determined to sell such Subject Vessel.**AGREEMENT**

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,

the Grantor and the Company agree to the following:

1. Vessel Sale Restriction. The Grantor hereby agrees that it shall not sell, transfer

or

otherwise dispose of, whether by one or a series of transactions and whether directly or

indirectly,

any Subject Vessel (a "Sale") except as expressly permitted pursuant to this

Agreement

following the delivery by the Grantor to the Company of an Offer Notice with respect to the Subject

Vessel proposed to be sold. If any affiliate of the Company shall at any time

become the owner

of a Subject Vessel, then the Company shall cause such affiliate to be bound by the terms hereof and

all terms of this Agreement shall apply to such affiliate as if it were the Company.

2. Offer Notice; Response Notice. The Grantor may, from time to time, deliver to

the

Company notice of a potential or contemplated Sale (each such notice, an "Offer Notice").

Each

Offer Notice shall include a description of the proposed purchase price, which purchase

price shall

be equal to the fair market value of the applicable Subject Vessel, as determined by the

average of two

independent shipbroker valuations from

brokers mutually agreeable to the Grantor

and the Company,

and proposed terms and conditions of such Sale. Within seven (7) business

days after receipt of any

Offer Notice, the Company may, in its sole discretion, deliver notice to

the Grantor (a "Response

Notice") that the Company accepts the price and terms and conditions

as those offered in the Offer

Notice, subject to the negotiation and execution of a memorandum of

agreement for the sale of the

Subject Vessel as contemplated below and thereafter, the Grantor

and the Company shall have thirty

(30) days from the date on which the Company delivers the

applicable Response Notice to

negotiate in good faith, on an exclusive basis, the terms of

purchase and sale agreement for the

applicable Subject Vessel (a "Contract of Sale"), which

terms shall be no less favorable to the

Company than the purchase price and other terms and conditions contained in the Offer Notice and

shall contain a due diligence period, customary

representations and warranties and other provisions

customary in similar types of transactions, as

negotiated in good faith by the parties. The Company

shall have the right to designate any direct

or indirect wholly owned subsidiary to consummate the

purchase of the Subject Vessel.

3. Termination

of Vessel Sale Restriction. If, following the delivery by the Grantor

to

the Company of an Offer Notice with respect to a Subject Vessel, (i) the Company fails to

![exhibit447p2i0](exhibit447p2i0.gif)

timely deliver a Response Notice with respect to such Offer Notice as provided in Section 2

above, (ii) the Company shall have delivered a Response Notice to the Grantor, and the Grantor

and

the Company have not executed a Contract of Sale within the time period contemplated by Section

2, above and such failure was not the result of a default by the Grantor hereunder, or (iii) a

Contract

of Sale has been entered into by the Grantor and the Company and thereafter is terminated other

than on account of a breach by the Grantor, then the Grantor shall be free to sell such Subject Vessel

(A) for a purchase price which is no less than one hundred percent (100%) of the purchase price

contained in the applicable Offer Notice, and (B) otherwise upon substantially

the same terms and

conditions contemplated by the Offer Notice, so long as such Sale is consummated within

three (3) months after the date on which the Company received the

applicable Offer Notice.

Upon such Sale described in the immediately preceding sentence, said right of first refusal (with respect

to such Subject Vessel only) shall thereupon automatically

terminate and shall be of no further force

and effect and such right of first refusal shall not be binding upon the Grantor's

successors or

assigns. If such proposed Sale is not consummated as

permitted hereunder within such three (3) month

period, the Company's

right of first refusal shall be deemed to be reinstated and Seller shall not have

the right to sell such Subject Vessel until it has again complied with the provisions of this Agreement,

including delivering an Offer Notice

with respect to such Subject Vessel.

4. Notices. All notices, requests, demands and other communications to any party

hereunder will be in writing (including prepaid overnight courier or electronic mail) and will be given

to such party at its respective address set forth below or at such other address as such party may

hereafter specify for the purpose by notice to the other party hereto. Each such notice, request or

other communication

will be effective when received at the address specified in this

Section or when

delivery at such address is refused.

Notices to the Grantor will be made as follows:

Diana Shipping Inc.

Pendelis 16

175 64 Palaio Faliro

Athens, Greece

Attention: Ioannis Zafirakis

Tel: +30 2109470100

Email: izafirakis@dianashippinginc.com

Notices to the Company will be made as follows:

OceanPal Inc.

Pendelis 26

175 64 Palaio Faliro

Athens, Greece

Attention: Eleftherios Papatrifon

Tel: +30 210 9485360

Email: lpapatrifon@oceanpal.com

5. Term. This Agreement shall terminate at such time that the Sale of each Subject

Vessel

has been consummated in accordance with this Agreement.

6. Governing Law. This Agreement and the rights and obligations of the parties

hereto will be governed by and construed in accordance with the laws of the State of New York.

7. Further Assurances. The Grantor agrees to execute, acknowledge and deliver all such

instruments and take all such actions as the Company from time to time may reasonably request in

order to further effectuate the purposes of this Agreement and to cany out the terms hereof and to

better assure and confirm to the Company its rights, powers and remedies hereunder.

8. Binding Effect; Assignment. This Agreement will be binding upon and inure to the

benefit of the parties hereto and to their respective heirs, executors, administrators, successors and

permitted assigns. This Agreement is not assignable by either party without the prior written consent

of the other party.

9. Severability. If any term, covenant or condition of this Agreement is held to be

invalid, illegal or unenforceable in any respect, then this Agreement will be construed as if such

invalid, illegal, or unenforceable provision or part of a provision had never been contained in this

Agreement.

9. Counterparts. This Agreement may be executed in multiple counterparts, each of

which will be deemed an original and all of such counterparts together will constitute one agreement.

To

facilitate execution of this Agreement, the parties may execute and exchange counterparts of

signature pages by electronic transmission (e.g., through use of a Portable Document Format or

"PDF" file).

*[Signature page follows.]*

IN WITNESS WHEREOF, the parties hereto have executed or caused this Agreement to be

executed as of the date set forth above.

#### DIANA SHIPPING INC.
By:

Name:

Ioannis Zafirakis

Title

Director, Chief Financial Officer, Chief

Strategy Officer, Treasurer and Secretary

#### OCEANPAL INC.
By:

Name:

Eleftherios Papatrifon

Title

Director and Chief Executive Officer

[Signature page to the Right of First Refusal Agreement]

![exhibit447p5i0](exhibit447p5i0.gif)

#### EXHIBIT A

#### Vessel
**Name**1

Semirio 2Boston3Melia4Aliki5Baltimore6Artemis

## Exhibit 4.48

#### Exhibit 4.48

#### AMENDED AND RESTATED CONTRIBUTION AND CONVEYANCE AGREEMENT
This amended and restated contribution and conveyance agreement (this "Agreement") first entered into

on November 8, 2021 and amended and restated as of November 17, 2021 to amend the timing of the consummation

of the transactions contemplated by Recital C. below and certain other matters, among Diana Shipping Inc., a

Marshall Islands corporation ("Diana"), and OceanPal Inc., a Marshall Islands corporation ("OceanPal"). The

foregoing shall be referred to individually as a "Party" and collectively as the "Parties."

#### RECITALS
A. Diana intends to transfer a portion of its fleet to OceanPal, a wholly-owned subsidiary, and OceanPal

will subsequently be spun off to current shareholders of Diana (the "Spin-Off"). Concurrently with the Spin-Off,

Diana intends to list the shares of the subsidiary to be spun off on the Nasdaq Capital Market. The board of directors

of Diana, and the board of directors of OceanPal, as well of the shareholders of OceanPal, have or will authorize the

actions set forth below at the times and in the order set forth below.

B. To accomplish the objectives and purposes in the preceding recital, the following actions have been

taken prior to the date of this Agreement:

(1) Diana formed OceanPal pursuant to the Marshall Islands Business Corporation Act and

contributed $5.00 in exchange for 500 of OceanPal's common shares, par value $0.01 per share (the "Common

Shares"), constituting all of the outstanding Common Shares of OceanPal at such time;

(2) Diana, as sole shareholder of OceanPal, has authorized an increase of OceanPal's

authorized share capital from 500 to 1,000,000,000 Common Shares and has authorized the issuance of up to

100,000,000 preferred shares of OceanPal capital stock, and the board of directors of OceanPal have designated an

aggregate of 500,000 preferred shares of OceanPal as the Series B Preferred Shares and have designated an

aggregate of 10,000 preferred shares of OceanPal as the Series C Preferred Shares; and

(3) Diana owns all of the outstanding shares (the "Vessel -Owning Subsidiary Shares") of

(i) Darien Compania Armadora S.A., a Panama corporation ("DCA"), which owns the drybulk vessel

*Calipso*

;

(ii) Cypres Enterprises Corp., a Panama corporation ("CEC"), which owns the drybulk vessel

*Protefs*

, and

(iii) Marfort Navigation Company Limited, a Cyprus corporation ("MNCL"), which owns the drybulk vessel

*Salt* 

*Lake City*

(the

*Calipso*

, the

*Protefs*

and the

*Salt Lake City,*

collectively, the "Vessels ") (DCA, CEC and MNCL,

collectively, the "Vessel -Owning Subsidiaries").

C. Effective immediately prior to the distribution by Diana of OceanPal common shares to the

shareholders of Diana (the "Spin-off Distribution") , the following transactions shall occur in accordance with and

pursuant to this Agreement: Diana will contribute (i) all of the Vessel -Owning Subsidiary Shares to OceanPal as a

capital contribution and (ii) and aggregate of $1.0 million in cash as working capital of the Company (the "Working

Capital Amount") in exchange for 500,000 of OceanPal's Series B Preferred Shares (the "OceanPal Series B

Preferred Shares") and 10,000 of OceanPal's Series C Convertible Preferred Shares (the "OceanPal Series C

Preferred Shares" and, together with the OceanPal Series B Preferred Shares (the "OceanPal Shares").

D. Subsequent to the date of this Agreement:

(1) OceanPal will, in addition to issuing the OceanPal Shares, issue an additional number of

common shares constituting 100% of the issued and outstanding common shares of OceanPal (the "Distribution

Shares") to Diana in exchange for the contribution of the Working Capital Amount and Vessel -Owning Subsidiary

Shares and cancellation of the existing outstanding common shares of OceanPal; and

(2) Diana will distribute the OceanPal Common Shares to its shareholders on a

*pro rata*

basis

as a special dividend.

#### AGREEMENT
NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the Parties

undertake and agree as follows:

#### ARTICLE I

#### CONTRIBUTIONS AND CONVEYANCE
1.1 Contributions and Conveyances. The Parties acknowledge and agree that the following actions

hereby occur in the following order effective immediately prior to the Spin-off Distribution:

(a) Contribution by Diana of the Vessel -Owning Subsidiary Shares and the Working Capital Amount to

OceanPal as a capital contribution, and OceanPal shall acknowledge receipt of the Vessel -Owning Subsidiary Shares

and Working Capital Amount;

(b) Issuance and delivery by OceanPal of the Distribution Shares and OceanPal Shares to Diana in exchange

for Diana's capital contribution of the Vessel -Owning Subsidiary Shares and Working Capital Amount, and Diana

shall acknowledge receipt of the Distribution Shares; and

(c) The Parties shall execute such documents and take such actions as are necessary or desirable to effect the

foregoing.

#### ARTICLE II

#### REPRESENTATIONS AND WARRANTIES OF DIANA; DISCLAIMER
2.1 Representations and Warranties . Diana hereby represents and warrants that:

(a) Each of the Vessel -Owning Subsidiaries has been duly formed or incorporated and is validly existing in

good standing under the laws of its respective jurisdiction of formation or incorporation and has all requisite power

and authority to operate its assets, including the vessel owned by each such Vessel -Owning Subsidiary, and

conducts its business as described in Diana's public filings made with the U.S. Securities and Exchange

Commission ("SEC") through the date hereof;

(b) Correct and complete copies of the articles of association, articles of incorporation, by-laws, other

organizational documents and all material agreements (as amended to the date of this Agreement) of the Vessel-

Owning Subsidiaries have been made available to OceanPal;

(c) The execution and delivery of this Agreement and all documents, instruments and agreements required to

be executed and delivered by it pursuant to this Agreement in connection with the completion of the transactions

contemplated by this Agreement, have been or will be duly authorized by all necessary actions by Diana and, to the

extent applicable, each Vessel -Owning Subsidiary, and this Agreement has been duly executed and delivered by

Diana and constitutes a legal, valid and binding obligation of Diana enforceable in accordance with its terms, except

as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of

general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies

such as specific performance and injunction are in the discretion of a court;

(d) The execution, delivery and performance by it of this Agreement will not conflict with or result in any

violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation

under, or constitute a default under any provision of: (i) the articles of association, articles of incorporation or by-

laws or other organizational documents of Diana or any of the Vessel -Owning Subsidiaries (the "Diana Parties" and

each, a "Diana Party"); (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond,

indenture, agreement, contract, franchise license, permit or other instrument or obligation to which any Diana Party

is a party or is subject or by which any of such Diana Party's assets or properties may be bound; (iii) any applicable

laws, statutes, ordinances, rules or regulations promulgated by a governmental authority, orders of a governmental

authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court

("Laws"); or (iv) any charter or vessel management agreement to which any Diana Party is a party or any material

provision of any material contract to which a Diana Party is a party or by which a Diana Party's properties are

bound;

(e) Except as have already been obtained or that will be obtained in the ordinary course of business, no

consent, permit, approval or authorization of, notice or declaration to or filing with any governmental authority or

any other person, including those related to any environmental laws or regulations or the charters or vessel

management agreements related to the vessels owned by the Vessel -Owning Subsidiaries, is required in connection

with the execution and delivery by any Diana Party of this Agreement or the consummation by any Diana Party of

the transactions contemplated hereunder;

(f) The Vessel -Owning Subsidiary Shares are validly issued in accordance with the applicable articles of

association or incorporation and are fully paid and non-assessable;

(g) Diana owns the entire beneficial interest in the Vessel -Owning Subsidiary Shares and has good legal title

to the same, free and clear of all liens, encumbrances, security interests, pledges, mortgages, charges or other claims;

(h) There is no outstanding agreement, contract, option, commitment or other right or understanding in favor

of, or held by, any person to acquire the Vessel -Owning Subsidiary Shares or the assets of the Vessel -Owning

Subsidiaries, including but not limited to the Vessels , that has not been terminated or otherwise waived;

(i) Each of the charters and the vessel management agreements to which each applicable Vessel -Owning

Subsidiary is a party (as amended to the date of this Agreement) has been made available to OceanPal and is a valid

and binding agreement of the Vessel -Owning Subsidiary party to such charter or agreement enforceable in

accordance with its terms and, to the knowledge of such Vessel -Owning Subsidiary, of all other parties thereto

enforceable in accordance with its terms;

(j) The Vessel -Owning Subsidiaries have fulfilled all material obligations required pursuant to the charters

(described in (i) above) and the vessel management agreements to have been performed by them prior to the date of

this Agreement and have not waived any material rights thereunder; and no material default or breach exists in

respect thereof on their part or, to their knowledge, any of the other parties thereto and, to their knowledge, no event

has occurred which, after giving of notice or the lapse of time, or both, would constitute such a material default or

breach;

(n) Except for such liabilities, debts obligations, encumbrances, defects, restrictions or claims of a general

nature and magnitude that would arise in connection with the operation of vessels of the same type as the Vessels in

the ordinary course of business, there are no liabilities, debts or obligations of, encumbrances, defects or restrictions

with respect to, or claims against the Vessel -Owning Subsidiaries or any of the assets owned by the Vessel -Owning

Subsidiaries, including the Vessels, other than those disclosed in Diana's public filings made with the SEC through

the date hereof; and

(o) The Vessels

are (i) adequate and suitable for use by the Vessel -Owning Subsidiaries in the Vessel -Owning

Subsidiaries' business as presently conducted by them in all material respects as described in the Registration

Statement, ordinary wear and tear excepted; (ii) seaworthy in all material respects for hull and machinery insurance

warranty purposes and is in good running order and repair; (iii) insured against all risks, and in amounts, consistent

with common industry practices; (iv) in compliance with maritime laws and regulations; (v) duly registered under

the flag of the Bahamas or Cyprus, as applicable; and (vi) in compliance in all material respects with the

requirements of its present class and classification society; and all class certificates of each of the Vessels are clean

and valid and free of recommendations affecting class.

2.2 Disclaimer of Warranties. EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR

IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT,

THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT

MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY

REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF

ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL

OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION

OF THE ASSETS OWNED BY THE VESSEL-OWNING SUBSIDIARIES, INCLUDING, WITHOUT

LIMITATION, THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY, INCLUDING,

WITHOUT LIMITATION, THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER

MATTERS ON SUCH ASSETS, (B) THE INCOME TO BE DERIVED FROM SUCH ASSETS, (C) THE

SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE

CONDUCTED THEREON OR THEREWITH, (D) THE COMPLIANCE OF OR BY SUCH ASSETS OR THEIR

OPERATION WITH ANY LAWS (INCLUDING WITHOUT LIMITATION ANY ZONING,

ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS

OR REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,

PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH ASSETS. EXCEPT TO THE

EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH

THIS AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD THE

OPPORTUNITY TO INSPECT THE ASSETS OF THE VESSEL-OWNING SUBSIDIARIES, AND SUCH

PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE VESSEL-

OWNING SUBSIDIARIES AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY THE

OTHER PARTY. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR

DELIVERED IN CONNECTION WITH THIS AGREEMENT, NONE OF THE PARTIES IS LIABLE OR

BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR

INFORMATION PERTAINING TO THE ASSETS OF THE VESSEL-OWNING SUBSIDIARIES FURNISHED

BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION SHALL SURVIVE THE

CONTRIBUTION AND CONVEYANCE OF THE INTERESTS OR THE TERMINATION OF THIS

AGREEMENT. THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES

AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND

NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR

STATUTORY, WITH RESPECT TO THE ASSETS OF THE VESSEL-OWNING SUBSIDIARIES THAT MAY

ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET

FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN

CONNECTION WITH THIS AGREEMENT.

2.3 Indemnification. Diana hereby agrees to indemnify OceanPal for any and all obligations and other

liabilities arising from or relating to the operation, management or employment of any Vessel prior to the effective

date of the Spin-Off, and hereby agrees to indemnify each Vessel -Owning Subsidiary for any and all obligations and

other liabilities arising from or relating to the operation, management or employment of the Vessel owned by such

Vessel -Owning Subsidiary prior to the effective date of the Spin-Off.

#### ARTICLE III

#### FURTHER ASSURANCES
3.1 Further Assurances. From time to time after the date of this Agreement, and without any further

consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of

sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts

and things, all in accordance with applicable Law, as may be necessary or appropriate (a) more fully to assure that

the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges

granted by this Agreement, or which are intended to be so granted, (b) more fully and effectively to vest in the

applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed

and assigned by this Agreement or intended so to be and (c) to more fully and effectively carry out the purposes and

intent of this Agreement.

3.2 Power of Attorney. Each Party that has conveyed any interests as reflected by this Agreement

(collectively, the "Conveying Parties") hereby constitutes and appoints each of Semiramis Paliou, Ioannis Zafirakis

and Eleftherios Papatrifon, each of Pendelis 26, 175 64 Palaio Faliro, Athens, Greece, and Edward S. Horton, Daniel

Lin and Joseph Nardello, each of Seward & Kissel LLP, One Battery Park Plaza, New York, NY 10004 (the

"Attorney-in-Fact") its true and lawful attorney-in-fact with full power of substitution for it and in its name, place

and stead or otherwise on behalf of the applicable Conveying Party and its successors and assigns, and for the

benefit of the Attorney-in-Fact to demand and receive from time to time the interests contributed and conveyed by

this Agreement (or intended so to be) and to execute in the name of the applicable Conveying Party and its

successors and assigns instruments of conveyance, instruments of further assurance and to give receipts and releases

in respect of the same, and from time to time to institute and prosecute in the name of the applicable Conveying

Party for the benefit of the Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which the

Attorney-in-Fact may deem proper in order to (a) collect, assert or enforce any claims, rights or titles of any kind in

and to the Interests, (b) defend and compromise any and all actions, suits or proceedings in respect of any of the

Interests, and (c) do any and all such acts and things in furtherance of this Agreement as the Attorney-in-Fact shall

deem advisable. Each Conveying Party hereby declares that the appointment hereby made and the powers hereby

granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be terminated by

any act of any Conveying Party or its successors or assigns or by operation of law.

4.1 Survival of Representations and Warranties. The representations and warranties of the Parties in this

Agreement and in or under any documents, instruments and agreements delivered pursuant to this Agreement, will

survive the completion of the transactions contemplated hereby regardless of any independent investigations that

OceanPal may make or cause to be made, or knowledge it may have, prior to the date of this Agreement and will

continue in full force and effect for a period of one year from the date of this Agreement. At the end of such period,

such representations and warranties will terminate, and no claim may be brought by OceanPal against Diana

thereafter in respect of such representations and warranties, except for claims that have been asserted by OceanPal

prior to the date of this Agreement.

4.2 Costs. OceanPal shall pay any and all sales, use and similar taxes arising out of the contributions,

conveyances and deliveries to be made hereunder, and shall pay all documentary, filing, recording, transfer, deed,

and conveyance taxes and fees required in connection therewith.

4.3 Headings; References; Interpretation. All Article and Section headings in this Agreement are for

convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions

hereof. The words "hereof," "herein" and "hereunder" and words of similar import, when used in this Agreement,

shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All references herein

to Articles and Sections shall, unless the context requires a different construction, be deemed to be references to the

Articles and Sections of this Agreement, respectively. All personal pronouns used in this Agreement, whether used

in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural

and vice versa. The use herein of the word "including" following any general statement, term or matter shall not be

construed to limit such statement, term or matter to the specific items or matters set forth immediately following

such word or to similar items or matters, whether or not non-limiting language (such as "without limitation," "but

not limited to," or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all

other items or matters that could reasonably fall within the broadest possible scope of such general statement, term

or matter.

4.4 Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of the Parties

and their respective successors and assigns.

4.5 No Third Party Rights. The provisions of this Agreement are intended to bind the Parties as to each

other and are not intended to and do not create rights in any other person or confer upon any other person any

benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the provisions of

this Agreement.

4.6 Counterparts. This Agreement may be executed in any number of counterparts, all of which together

shall constitute one agreement binding on the parties hereto.

4.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of

the State of New York without giving effect to any choice of law rules or provisions (whether of the State of New

York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of

New York. Each of the parties hereto submits to the exclusive jurisdiction of the United States District Court for the

Southern District of New York (or, if jurisdiction in that court is not available, then any state court located within

the Borough of Manhattan, City of New York) for any and all legal actions arising out of or in connection with this

Agreement.

4.8 Severability. If any of the provisions of this Agreement are held by any court of competent

jurisdiction to contravene, or to be invalid under, the laws of any governmental body having jurisdiction over the

subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this

Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an

equitable adjustment shall be made and necessary provision added so as to give effect, as nearly as possible, to the

intention of the Parties as expressed in this Agreement at the time of execution of this Agreement.

4.9 Deed; Bill of Sale; Assignment. To the extent required and permitted by applicable Law, this

Agreement shall also constitute a "deed," "bill of sale" or "assignment" of the Interests.

4.10 Amendment or Modification. This Agreement may be amended or modified from time to time only

by the written agreement of all the Parties hereto.

4.11 Integration. This Agreement and the instruments referenced herein supersede all previous

understandings or agreements among the Parties, whether oral or written, with respect to its subject matter hereof.

This Agreement and such instruments contain the entire understanding of the Parties with respect to the subject

matter hereof and thereof. No understanding, representation, promise or agreement, whether oral or written, is

intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment

hereto executed by the Parties hereto after the date of this Agreement.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, this Contribution and Conveyance Agreement has been duly executed by the

parties set forth below.

#### DIANA SHIPPING INC.
By:

Name:

Ioannis Zafirakis

Title

Director, Chief Financial Officer, Chief

Strategy Officer, Treasurer and Secretary

#### OCEANPAL INC.
By:

Name:

Eleftherios Papatrifon

Title

Director and Chief Executive Officer