0001047469-05-005047 Sample Contracts

STOCKHOLDERS RIGHTS AGREEMENT
Stockholders Rights Agreement • March 1st, 2005 • Diana Shipping Inc. • New York

This Stockholders Rights Agreement (this “Rights Agreement”) is made and entered into as of February , 2005, by and between Diana Shipping Inc., a Marshall Islands corporation (the “Company”), and , as Rights Agent (the “Rights Agent”).

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REGISTRATION RIGHTS AGREEMENT
Registration Rights Agreement • March 1st, 2005 • Diana Shipping Inc. • New York

REGISTRATION RIGHTS AGREEMENT dated as of , 2005, by and among DIANA SHIPPING INC., a Marshall Islands company (the “Company”), COROZAL COMPANIA NAVIERA S.A., (a Panamanian corporation “Corozal”), IRONWOOD TRADING CORP., (a Panamanian corporation (“Ironwood”) and ZOE S. COMPANY LTD., a Bahamian Corporation (“Zoe” and, together with Corozal and Ironwood, the “Stockholders”).

OPTION AGREEMENT
Option Agreement • March 1st, 2005 • Diana Shipping Inc. • New York

This Agreement is dated as of the day of , 2005, by and among DIANA SHIPPING INC., a Marshall Islands corporation (referred to herein as “DSI”), each of the stockholders of DIANA SHIPPING SERVICES S.A., a Panamanian corporation (“DSS”), listed on Schedule I hereto (referred to herein as the “Sellers”), and SIMEON PALIOS (“Palios”).

LOAN AGREEMENT
Loan Agreement • March 1st, 2005 • Diana Shipping Inc.
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