ENVIRONMENTAL PROTECTION POLICY

Diana Shipping Services S.A. (the “Company”) is committed through its Environmental Protection Policy (the “Policy”) to continuous efforts to improve environmental performance in all areas required towards a cleaner environment. Furthermore, the Company is committed to:
- Pollution prevention emphasizing in source reduction, which includes financial and human resources necessary to effectively maintain all on board systems, equipment and components as potential waste sources;
- Continuous reduction of environmental risks;
- Sharing information on environmental performance with external stakeholders;
- Ensuring that the Policy is available to the public;
- Effectively implementing the Company’s enhanced environmental standards and ensuring no deviations from such procedures; and
- Demonstrating zero tolerance for any non-compliance with the Company’s Policy or any applicable rules or regulations.

The Company’s goal is to achieve ZERO environmental incidents and ZERO spills or releases to the environment and reduction in permitted emissions through continuous improvement. In order to achieve this goal, the Company will:
- Comply with all applicable environmental laws, regulations and requirements and apply responsible standards where these do not exist;
- Respond timeously and effectively to environmental incidents resulting from its operations, in co-operation with industry organizations and authorized governmental agencies;
- Assess all identified risks to environment and establish appropriate safeguards to reduce them;
- Demonstrate concern and respect for the environment, emphasizing every employee's responsibility in achieving the highest level of environmental performance;
- Develop and implement appropriate environmental operating practices and training;
- Undertake appropriate reviews and evaluations of its operations to measure progress and to foster compliance with this Policy;
- Manage its business with the goal of preventing environmental incidents and of controlling emissions and waste streams;
- Take appropriate action, including immediate dismissal when appropriate, against any employee who obstructs, hinders or presents false information or makes false statements during any inspection, monitoring, or auditing of Company policies; and
- Prohibit any incentive or bonus programs based on minimizing operational costs associated with the operation, maintenance or repair of machinery space systems, equipment and
Components, including pollution prevention equipment, to ensure that employees do not seek
to avoid such costs and thereby sacrifice environmental compliance.

The Policy has the full support of the Company’s Senior Management and requires compliance by all Company’s personnel, both ashore and on-board ships.

To achieve successfully the Company’s objectives set forth above, the Company has developed and implemented an Environmental Management System. This Policy and the Environmental Management System will be communicated to all persons working for, or on behalf of, the Company.