DIANA SHIPPING INC.

We have

adopted a code of

ethics that applies to

officers, directors, employees

and agents. Our code

of

ethics is posted on our website,

http://www.dianashippinginc.com

, under “About Us—Code of Ethics” and

is filed

as Exhibit

11.1

to the

Annual Report filed

on Form

20-F on March

21, 2025,

and incorporated by

reference herein. Copies of our code of ethics are available in print, free of charge, upon

request to Diana

Inc.,

Pendelis

16,

Palaio

Faliro,

Athens,

Greece.

We

intend

to

satisfy

any

requirements regarding

any amendment

to, or

waiver from,

a provision

of this

code of

ethics by

posting

such information on our website.

Item 16C. Principal Accountant Fees and Services