Exhibit J

CONFIDENTIAL

6   March, 2026

Diana Shipping Inc.

Pendelis 16. 175 64 Palaio Faliro

Athens, Greece

Attn: Ionannis Zafirakis

Diana Shipping Inc.

Senior Secured Credit Facility

Commitment Letter

Ladies and Gentlemen:

You have advised each of DNB (UK) Limited (“DNB Bank”), Nordea Bank Abp, filial i Norge (“Nordea Bank”), BNP Paribas S.A. (“BNP Paribas”), Danske Bank A/S (“Danske Bank”), Deutsche Bank AG (“Deutsche Bank”), and Standard Chartered Bank (“Standard Chartered”), that Diana Shipping Inc., a Marshall Islands corporation (the “Buyer”, “Borrower” or “you”), intends to acquire, directly or indirectly, all of the outstanding equity interests of Genco Shipping & Trading Limited, a company registered under the laws of the Republic of the Marshall Islands (the “Company”) and its subsidiaries and to consummate the other Transactions described in the Transaction Description attached hereto as Exhibit A (the “Transaction Description”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Transaction Description, the Summary of Principal Terms and Conditions attached hereto as Exhibit B (the “Principal Terms”), or the Initial Funding Conditions Annex attached hereto as Exhibit C (the “Initial Funding Conditions Annex”). This commitment letter, the Transaction Description, the Principal Terms, and the Initial Funding Conditions Annex are collectively referred to as the “Commitment Letter”.

1.       Commitments.

In connection with the Transactions, (i) DNB Bank is pleased to advise you of its several, but not joint, commitment to provide USD 188,728,199 (being 17.13%) of the aggregate principal amount of the Facility (as defined in the Principal Terms), (ii) Nordea Bank is pleased to advise you of its several, but not joint, commitment to provide USD 230,704,815 (being 20.94%) of the aggregate principal amount of the Facility, (iii) BNP Paribas is pleased to advise you of its several, but not joint, commitment to provide USD

226,473,839 (being 20.55%) of the aggregate principal amount of the Facility, (iv) Danske Bank is pleased to advise you of its several, but not joint, commitment to provide USD 125,818,799 (being 11.42%) of the aggregate principal amount of the Facility, (v) Deutsche Bank is pleased to advise you of its several, but not joint, commitment to provide USD 141,546,149 (being 12.84%) of the aggregate principal amount of the Facility and (vi) Standard Chartered is pleased to advise you of its several, but not joint, commitment to provide USD 188,728,199 (being 17.12%) of the aggregate principal amount of the Facility in each case, subject only to the satisfaction of the conditions set forth in the Initial Funding Conditions Annex. In such capacities, DNB Bank, Nordea Bank, BNP Paribas, Danske Bank, Deutsche Bank and Standard Chartered are referred to herein, individually, as a “Commitment Party” and, collectively, as the “Commitment Parties” or “we” or “us”.

2.               Titles and Roles.

It is agreed that (i) DNB Bank, Nordea Bank, BNP Paribas, Danske Bank, Deutsche Bank and Standard Chartered (each acting alone or with controlled affiliates selected by it) will act as joint lead arrangers and joint bookrunners (in such capacities, individually, a “Mandated Lead Arranger” and, collectively, the “Mandated Lead Arrangers”) for the Facility, (ii) DNB Bank ASA, London Branch will act as facility agent and security agent (in such capacities, the “Administrative Agent”) and (iii) DNB Bank ASA will act as hedge coordinator (the “Hedge Coordinator”) for the Facility. You agree that no other agents, co-agents, or arrangers will be appointed, no other titles will be awarded and no compensation (other than compensation expressly contemplated by this Commitment Letter and the Fee Letters (as defined below)) will be paid to any Lender (as defined in the Principal Terms) in order to obtain its commitment to participate in the Facility unless you and we shall so agree and that DNB Bank and Nordea Bank will have “left” placement (in alphabetical order) on any marketing materials used in connection with the Facility and shall perform the duties and exercise the authority conventionally understood to be associated with such name placement.

3.               Information.

You hereby represent and warrant that (with respect to Information (as defined below) and projections, the “Projections”) relating to the Company, its subsidiaries and its and their respective businesses, to your knowledge) (a) all written information and written data other than the Projections and information of a general economic or industry specific nature (the “Information”) that has been or will be made available to any Commitment Party by you or, at your direction, by any of your representatives on your behalf in connection with the transactions contemplated hereby, does not or will not, when furnished and when taken as a whole, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and updates thereto) and (b)the Projections that have been or will be made available to us by or on behalf of you in connection with the transactions contemplated hereby have been prepared in good faith based upon assumptions that are believed by you to be reasonable at the time such Projections are so furnished, it being understood that the Projections are predictions as to future events and are not to be viewed as facts, that the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized, and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material. You agree that if, at any time prior to the Closing Date, you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information and the Projections were being furnished, and such representations were being made, at such time, then you will (or, prior to the Closing Date, with respect to the Information and such Projections relating to the Company, its subsidiaries or their respective operations or assets, will, in all instances to the extent not in contravention of the Acquisition Agreement (as defined in Exhibit A),

 use commercially reasonable efforts to) promptly supplement the Information and such Projections such that (with respect to Information and Projections relating to the Company, its subsidiaries and their respective businesses, to your knowledge) such representations and warranties are correct in all material respects under those circumstances, it being understood in each case that such supplementation shall cure any breach of such representations and warranties. For the avoidance of doubt, the accuracy of the representations set forth above in this paragraph is not a condition precedent to the commitments hereunder or the funding of the Facility on the Closing Date. In arranging the Facility, the Mandated Lead Arrangers will be entitled to use and rely on the Information and the Projections without responsibility for independent verification thereof. The Commitment Parties do not assume any responsibility for the accuracy or completeness of the Information or the Projections.

4.               Fees.

As consideration (i) for the commitments of the Commitment Parties hereunder and (ii) for the agreements of the Mandated Lead Arrangers to perform the services related thereto , you agree to pay (or cause to be paid) the fees set forth in the fee letters agreed by the Borrower with the Commitment Parties, the Mandated Lead Arrangers, the Administrative Agent, the Hedge Coordinator and any other fee letters related to the Transactions dated before the date hereof (the “Fee Letters”), on the terms and subject to the conditions (including as to timing and amount) set forth therein.

5.               Conditions.

The commitments of the Commitment Parties hereunder to fund the Facility on the Closing Date and the agreements of the Commitment Parties to perform the services described herein are subject solely to the conditions set forth in the Initial Funding Conditions Annex, and upon satisfaction (or waiver by all Commitment Parties in writing) of the conditions set forth in the Initial Funding Conditions Annex. The initial funding of the Facility shall occur, it being understood and agreed that there are no other conditions (implied or otherwise) to the initial funding of the commitments hereunder, including compliance with the terms of this Commitment Letter, the Fee Letters, or the Facility Documentation.

Notwithstanding anything to the contrary in this Commitment Letter (including each of the exhibits attached hereto), the Fee Letters, the Facility Documentation, or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary (including, without limitation, the Term Sheet (as defined below)), (i) the only representations and warranties the making of which shall be a condition to the availability and funding of the Facility on the Closing Date shall be (A) such of the representations and warranties made with respect to the Company and its subsidiaries in the Acquisition Agreement as are material to the interests of the Lenders (as defined in the Principal Terms) (in their capacities as such), but only to the extent that you (or your affiliate) have the right (taking into account any applicable cure provisions) to terminate your (or its) obligations under the Acquisition Agreement or to decline to consummate the Acquisition (in each case, in accordance with the terms thereof) as a result of a breach of such representations and warranties in the Acquisition Agreement (the “Specified Acquisition Agreement Representations”), and (B) the Specified Representations (as defined below) and (ii) the terms of the Facility Documentation shall be in a form such that they do not impair the availability or funding of the Facility on the Closing Date if the conditions set forth in the Initial Funding Conditions Annex are satisfied (or waived by all Commitment Parties in writing); it being understood that the attachment and perfection of any lien on collateral (other than the Initial Security (as defined in Exhibit B)), shall not be a condition precedent to the availability of the Facility on the Closing Date and the lack of attachment or perfection of any lien on collateral (other than on the Initial Security) shall not affect the amount of the Facility available on the Closing Date. For purposes hereof, “Specified Representations” means the representations and warranties of the Borrower and the Guarantors set forth in the Facility Documentation relating to: organizational existence of the Borrower and the Guarantors; organizational power and authority

 (as each relates to due authorization, execution, delivery and performance of the Facility Documentation); due authorization, execution and delivery and enforceability, in each case, solely with respect to the entering into and the performance of the Facility Documentation by the Borrower; no conflicts with or consents required under charter documents, in each case, related to the entering into and the performance of the Facility Documentation and the incurrence of indebtedness thereunder by the Borrower; solvency as of the Closing Date (after giving effect to the Transactions and with solvency being determined in a manner consistent with Annex Ito Exhibit C hereto) of the Borrower and its subsidiaries on a consolidated basis; Federal Reserve margin regulations; the use of loan proceeds not violating OFAC or FCPA; the PATRIOT Act; the Investment Company Act; or any other sanctions laws or regulations applied by the United States of America, the European Union, any present or future Member States of the European Union, the United Kingdom or any other regulatory authority or governmental institution to the extent such sanctions laws or regulations are applicable to the Borrower, any Guarantor or any Commitment Party (“Applicable Sanctions”, compliance with Applicable Sanctions as well as all anti-bribery, anti-corruption and anti-money-laundering laws and regulations applicable to the Borrower, any Guarantor or any Commitment Party, and, subject to the limitations on the attachment and perfection of liens on collateral in the immediately preceding sentence, the creation, validity and perfection of security interests in collateral (subject to liens permitted by the Facility Documentation). Notwithstanding anything to the contrary contained herein, to the extent any of the Specified Acquisition Agreement Representations or Specified Representations are qualified or subject to “material adverse effect,” the definition thereof shall be “Material Adverse Effect” as defined in the Acquisition Agreement for purposes of any representations and warranties made or to be made on, or as of, the Closing Date. This paragraph and the provisions herein shall be referred to as the “Certain Funds Provisions”.

Notwithstanding anything to the contrary contained in this Commitment Letter, the Fee Letters or the Facility Documentation concerning the financing of the transactions contemplated hereby to the contrary, compliance by you and/or your affiliates with the terms and conditions of this Commitment Letter (other than the conditions set forth in the Initial Funding Conditions Annex) is not a condition to the Commitment Parties’ commitments to fund the Facility on the terms set forth herein.

6.       Indemnity.

To induce the Commitment Parties to enter into this Commitment Letter and the Fee Letters and to proceed with the documentation of the Facility, you agree (a) to indemnify and hold harmless each Commitment Party, its affiliates and controlling persons (in each case other than any Excluded Affiliate acting in its capacity as such) and the respective officers, directors, employees, agents and representatives and successors and permitted assigns of each of the foregoing, it being understood that in no event will this indemnity apply to any Commitment Party or its affiliates in their respective capacities as (x) financial advisors to the Borrower or the Company or its subsidiaries in connection with the Transactions or any other potential acquisition of the Company or (y) equity co-investors in the Transactions or any potential acquisition of the Company or its subsidiaries (each, an “Indemnified Person”), from and against any and all losses, claims, damages and liabilities and reasonable and documented out-of-pocket expenses, joint or several, to which any such Indemnified Person may become subject to the extent arising out of, resulting from or in connection with this Commitment Letter (including the Term Sheet), the Fee Letters, the Transactions, the Facility or any claim, litigation, investigation or proceeding (including any inquiry or investigation) relating to any of the foregoing (any of the foregoing, a “Proceeding”), regardless of whether any such Indemnified Person is a party thereto, whether or not such Proceedings are brought by you, your equity holders, affiliates, creditors or any other third person, and to reimburse each such Indemnified Person promptly after receipt of a written request together with reasonably detailed backup documentation for any reasonable and documented out-of-pocket legal expenses of one counsel for all such Indemnified Persons, taken as a whole and, if reasonably necessary, of a single local counsel in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all such Indemnified

 Persons, taken as a whole, and, solely in the case of an actual or reasonably perceived conflict of interest, one additional counsel in each applicable jurisdiction to the affected Indemnified Persons, and other reasonable and documented out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing (in each case, excluding allocated costs of in-house counsel and (without your prior written consent) the expenses of any other third-party advisors); provided that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent that they have resulted from (i) the willful misconduct, fraud, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s controlling persons, controlled affiliates or any of its or their respective officers, directors, employees, agents, partners or successors, in each case, who are involved in or aware of the Transactions (as determined by a court of competent jurisdiction in a final and non-appealable decision), (ii) a material breach of the obligations of such Indemnified Person or any of such Indemnified Person’s controlling persons or controlled affiliates under this Commitment Letter (including its obligation to fund its commitments hereunder), the Term Sheet, or the Fee Letters (as determined by a court of competent jurisdiction in a final and non-appealable decision) or (iii) disputes solely between and among Indemnified Persons to the extent such disputes do not arise from any act or omission of you, the Company or any of your or their respective affiliates; provided, further, that each Indemnified Person, to the extent acting in its capacity as an agent or arranger or similar role under the Facility, shall remain indemnified in respect of such disputes; and (b) to reimburse each Commitment Party, upon presentation of a summary statement, for all reasonable and documented out-of-pocket expenses (including but not limited to each Commitment Party’s due diligence expenses, travel expenses and reasonable fees, disbursements and other charges of a single counsel to the Commitment Parties identified in the Term Sheet and, if necessary, of a single local counsel to the Commitment Parties in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions)), in each case incurred in connection with the Facility and the preparation, negotiation and enforcement of this Commitment Letter, the Fee Letters, the Facility Documentation and any security arrangements in connection therewith (collectively, the “Expenses”). The foregoing provisions in this paragraph shall be superseded in each case, to the extent covered thereby, by the applicable provisions contained in the Facility Documentation upon execution thereof and thereafter shall have no further force and effect.

Notwithstanding any other provision of this Commitment Letter, (i) no Indemnified Person shall be liable for any damages arising from the use by others of information or other materials obtained through internet, electronic, telecommunications or other information transmission systems, except to the extent that such damages have resulted from (x) the willful misconduct, fraud, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s controlling persons, controlled affiliates or any of its or their respective officers, directors, employees, agents, partners or successors, in each case, who are involved in or aware of the Transactions or (y) any material breach of the obligations of such Indemnified Person or any of such Indemnified Person’s affiliates under this Commitment Letter, the Term Sheet or the Fee Letters (as determined by a court of competent jurisdiction in a final, non-appealable judgment, and (ii) none of us, you, the Company (or its subsidiaries), or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) in connection with this Commitment Letter, the Fee Letters, the Transactions (including the Facility and the use of proceeds thereunder), or with respect to any activities or other transactions related to the Facility, including the preparation of this Commitment Letter, the Fee Letters and the Facility Documentation; provided that nothing in this paragraph shall limit your indemnity and reimbursement obligations to the extent that such indirect, special, punitive or consequential damages are included in any claim by a third party unaffiliated with the applicable Indemnified Person with respect to which the applicable Indemnified Person is entitled to indemnification as set forth in the immediately preceding paragraph.

In case any Proceeding is instituted involving any Indemnified Person for which indemnification is to be sought hereunder by such Indemnified Person, then such Indemnified Person will promptly notify

you of the commencement of such Proceeding; provided, however, that the failure to so notify you will not relieve you of any liability that you may have to such Indemnified Person pursuant to this Section 6, except to the extent you are materially prejudiced by such failure. You shall not, without the prior written consent of the applicable Indemnified Person, effect any settlement of, or consent to the entry of any judgment with respect to, any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such Proceeding and (ii) does not include any statement as to or admission of fault, culpability, wrongdoing or failure to act by or on behalf of any Indemnified Person. In connection with any one Proceeding, you will not be responsible for the fees and expenses of more than one separate law firm for all Indemnified Persons plus additional local counsel and conflicts counsel to the extent provided herein.

You shall not be liable for any settlement of any Proceeding effected without your written consent (which consent shall not be unreasonably withheld or delayed), but if settled with your written consent or if there is a final and non-appealable judgment by a court of competent jurisdiction in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and reasonable and documented legal or other out-of-pocket expenses by reason of such settlement or judgment in accordance with and to the extent provided in the other provisions of this Section 6. Each Indemnified Person (by accepting the benefits hereof) agrees to, and shall, refund and return any and all amounts paid by you to such Indemnified Person if a court of competent jurisdiction determines in a final and non-appealable determination that such Indemnified Person was not entitled to indemnification or contribution rights with respect to such payment pursuant to this Section 6.

Each Indemnified Person shall give (subject to confidentiality or legal restrictions) such information and assistance to you as you may reasonably request in connection with any Proceeding.

7.       Sharing of Information, Absence of Fiduciary Relationships, Affiliate Activities.

You acknowledge that the Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including, without limitation, financial advisory services) to other persons in respect of which you and your affiliates may have conflicting interests regarding the transactions described herein and otherwise. None of the Commitment Parties and their affiliates will use confidential information obtained from you, the Company, or any of your or its affiliates by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you, the Company, or your or its affiliates in connection with the performance by them or their affiliates of services for other persons, and none of the Commitment Parties and their affiliates will furnish any such information to other persons, except to the extent permitted below. You also acknowledge that none of the Commitment Parties and their affiliates has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons.

 As you know, certain of the Commitment Parties may be full service securities firms engaged, either directly or through their affiliates, in various activities, including securities trading, commodities trading, investment management, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, certain of the Commitment Parties and their respective affiliates may actively engage in commodities trading or trade the debt and equity securities (or related derivative securities) and financial instruments (including bank loans and other obligations) of you, the Company and other companies which may be the subject of the arrangements contemplated by this Commitment Letter for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities. Certain of the Commitment Parties or their affiliates may also co-invest with, make direct investments in, and invest or co-invest client

 monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, the Company or other companies which may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

The Commitment Parties and their respective affiliates may have economic interests that conflict with yours and those of the Company and may be engaged in a broad range of transactions that involve interests that differ from yours, the Company’s, and those of your and the Company’s respective affiliates and the Commitment Parties have no obligation to disclose any of such interests to you or your affiliates. You agree that the Commitment Parties will act under this Commitment Letter as independent contractors and that nothing in this Commitment Letter or the Fee Letters will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Commitment Parties, on the one hand, and you and your equity holders or your affiliates, on the other hand. You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter and the Fee Letters are arm’s-length commercial transactions between the Commitment Parties and, if applicable, their affiliates, on the one hand, and you, on the other, (ii) in connection therewith and with the process leading to such transaction each Commitment Party and each of its applicable affiliates (as the case may be) is acting solely as a principal and has not been, is not and will not be acting as an advisor, an agent or a fiduciary of you, your management, equity holders, creditors, affiliates or any other person, (iii) the Commitment Parties and their applicable affiliates (as the case may be) have not assumed an advisory or fiduciary responsibility or any other obligation in favor of you or your affiliates with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Commitment Parties or any of their respective affiliates have advised or are currently advising you on other matters) except the obligations expressly set forth in this Commitment Letter and the Fee Letters and (iv) you have consulted your own legal, tax, accounting and financial advisors to the extent you deemed appropriate. You further acknowledge and agree that (a) you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto, (b) you are capable of evaluating and understand and accept the terms, risks and conditions of the transactions contemplated hereby, and (c) we have provided no legal, accounting, regulatory or tax advice and you contacted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate. You agree that you will not claim that the Commitment Parties or their applicable affiliates, as the case may be, have rendered advisory services of any nature or respect, or owe a fiduciary or similar duty to you or your affiliates, in connection with such transaction or the process leading thereto.

8.       Confidentiality.

You agree that you will not disclose, directly or indirectly, the Fee Letters and the contents thereof or this Commitment Letter, the Principal Terms, the other exhibits and attachments hereto and the contents of each thereof, to any person or entity without prior written approval of the relevant Commitment Parties (which may be provided by electronic means) (such approval not to be unreasonably withheld, conditioned or delayed), except (a) to your affiliates and your and their respective Related Parties, controlling persons or equity holders and to actual and potential co-investors, in each case, on a confidential basis, (b) if the relevant Commitment Parties consent in writing to such proposed disclosure, (c) to the extent such information becomes publicly available other than by reason of improper disclosure in violation of any confidentiality obligation owing to us (including those set forth in this paragraph), or (d) in any legal, judicial or administrative proceeding or as otherwise required by applicable law, rule or regulation or compulsory legal process or as requested by a governmental authority and/or regulatory authority (in which case you agree, to the extent practicable and permitted by law, rule or regulation, to inform us promptly thereof); provided that (i) you may disclose this Commitment Letter and its contents (but not the Fee Letters except as provided in clause (vi) below) to the Company, the Company’s affiliates and their respective officers, directors, agents, employees, attorneys, accountants, advisors, members, partners, stockholders,

 controlling persons or equityholders, in each case, who are informed of the confidential nature of this Commitment Letter, the Fee Letters and the contents hereof and thereof and who are or have been advised of their obligation to keep the same confidential, (ii) you may disclose this Commitment Letter and its contents (but not the Fee Letters or their respective contents) in marketing materials in connection with the Facility or, to the extent required by applicable law, in connection with any public filing, (iii) you may disclose the Principal Terms and other Exhibits and annexes to this Commitment Letter, and the contents thereof, to any prospective, potential or actual Lenders (as defined in the Principal Terms), participants or assignees and their respective affiliates, and to their respective officers, directors, agents, employees, attorneys, accountants, advisors, members, partners, stockholders, controlling persons or equityholders, (iv) you may disclose the aggregate fee amount contained in the Fee Letters as part of Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee amounts in connection with the Transactions in marketing materials for the Facility or, to the extent required by applicable law, in any public filing, (v) [reserved], (vi) to the extent portions of the Fee Letters have been redacted in a customary manner, you may disclose the Fee Letters and the contents thereof to the Company, its affiliates and their respective officers, directors, agents, employees, attorneys, accountants, advisors, members, partners, stockholders, controlling persons or equityholders on a confidential basis, (vii) you may disclose this Commitment Letter, the Fee Letters and the contents hereof and thereof to the extent this Commitment Letter, the Fee Letters and the contents hereof or thereof, as applicable, become publicly available other than by reason of disclosure by you or any of your affiliates or your or their Related Parties (as defined below) in breach of this Commitment Letter, (viii) [reserved], (ix) you may disclose this Commitment Letter and the Fee Letters and the contents hereof and thereof to any direct or indirect contractual counterparty to any swap or derivative transaction relating to you or any of your subsidiaries under the Facility on a confidential basis, (x) you may disclose the Principal Terms and the existence of the Commitment Letter to any rating agency in connection with the Transactions, (xi) you may disclose the Fee Letters and the contents thereof, on a confidential basis, to the Company’s auditors for customary accounting purposes, including accounting for deferred financing costs, and (xii) you may disclose this Commitment Letter, the Fee Letters and the contents hereof and thereof to enforce your rights and remedies hereunder or thereunder. The provisions of this paragraph shall automatically terminate on the earlier of (a) second anniversary of the date hereof and (b) upon the entering into of the applicable Facility Documentation (at which time your obligations under this paragraph will be superseded by the confidentiality provisions in the applicable Facility Documentation upon the initial funding thereunder).

Each Commitment Party and its affiliates will use all non-public information provided to it or such affiliates by or on behalf of you hereunder or in connection with the Acquisition (as defined in Exhibit A) and the related Transactions solely for the purpose of providing the services that are the subject of this Commitment Letter and shall treat confidentially all such information and shall not publish, disclose or otherwise divulge, such information; provided that nothing herein shall prevent such Commitment Party and its affiliates from disclosing any such information (a) with your consent, (b) to industry trade organizations where such information with respect to the Facility is customarily included in league table measurements, (c) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case such Commitment Party agrees (except with respect to any audit or examination conducted by bank accountants or any regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform you promptly thereof prior to disclosure (and if such Commitment Party is unable to notify you in advance of such disclosure, such notice shall be delivered to you promptly thereafter to the extent permitted by law)), (d) upon the request or demand of any regulatory authority or quasi-regulatory authority (including any self-regulatory authority) having jurisdiction over such Commitment Party or any of its affiliates, the National Association of Insurance Commissioners, or any stock exchange (in each case such Commitment Party agrees (except with respect to any audit or examination conducted by bank accountants or any regulatory authority (including any self-regulatory authority) exercising examination or regulatory

 authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform you promptly thereof prior to disclosure), (e) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Commitment Party, any of its affiliates or any of its or their Related Parties in violation of any confidentiality obligations (including those set forth in this paragraph) owing to you, the Company, or any of your or their respective affiliates or any of your or their Related Parties, (f) to the extent that such information is received by such Commitment Party or any of its affiliates from a third party that is not, to such Commitment Party’s knowledge (after due inquiry), subject to any contractual or fiduciary confidentiality obligations owing to you, the Company, or any of your or their respective affiliates or any of your or their Related Parties, (g) to the extent that such information is independently developed by such Commitment Party or any of its affiliates without the use of any confidential information and without violating the terms of this Commitment Letter, (h) to such Commitment Party’s affiliates and managed funds (in each case, other than any Excluded Affiliates) and to its and their respective directors, officers, employees, shareholders, financing sources, investors, prospective investors, legal counsel, independent auditors, insurers, reinsurers and (re)insurance brokers, professionals and other experts or agents (such persons, “Related Parties”) who need to know such information in connection with the Transactions and who are informed of the confidential nature of such information and who are subject to customary confidentiality obligations of professional practice or who agree in writing to be bound by the terms of this paragraph (or language substantially similar to this paragraph) (with such Commitment Party, to the extent such person’s compliance with this paragraph is within its control, being responsible for such compliance), (i) to actual or prospective Lenders (as defined in the Principal Terms), participants or assignees and to any direct or indirect contractual counterparty to any swap or derivative transaction relating to you or any of your subsidiaries under the Facility, (j) for purposes of establishing a due diligence defense in any legal proceeding, (k) to market data collectors and similar service providers for customary purposes in the lending industry in connection with the Facility (including in connection with the administration and management of the Facility), and (l) as is necessary or advisable in protecting and enforcing the Commitment Parties’ rights with respect to this Commitment Letter or the Fee Letters; provided that no such disclosure shall be made to the members of such Commitment Party’s or any of its affiliates’ deal teams that are engaged (x) primarily as principals in private equity or venture capital or (y) in the sale of the Company and its subsidiaries, including through the provision of advisory services (any entities described in clauses (x) and (y), “Excluded Affiliates”) other than to a limited number of senior employees who are required, in accordance with industry regulations or such Commitment Party’s internal policies and procedures to act in a supervisory capacity and the Commitment Parties’ internal legal, compliance, risk management, credit or investment committee members, in each case solely to the extent that any such information that is disclosed to such persons is done on a “need to know” basis solely in connection with the transactions contemplated by this Commitment Letter and any such persons are informed of the confidential nature of such information and are or have been advised of their obligation to keep information of such type confidential; provided that the disclosure of any such information pursuant to clauses (h) and (i) above shall be made subject to the acknowledgement and acceptance by such recipient that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and the Lead Arranger) or in accordance with market standards for dissemination of such types of information, which may require “click-through” or other affirmative action on the part of the recipient to access such confidential information and acknowledge its confidentiality obligations in respect thereof. The Commitment Parties’ and their affiliates’, if any, obligations under this paragraph shall terminate automatically and be superseded by the confidentiality provisions in the definitive documentation relating to the Facility upon the initial funding thereunder. The provisions of this paragraph shall automatically terminate on the earlier of (i) the Closing Date and (ii) the second anniversary of the date hereof. In no event shall any disclosure of information referred to above be made to any Disqualified Lender (to be defined consistent with the Documentation Principles). It is understood and agreed that no Commitment Party may advertise or promote its role in arranging or providing any portion of the Facility (including in any newspaper or other periodical, on any website or similar place for dissemination of

 information on the internet, as part of a “case study” incorporated into promotional materials, in the form of a “tombstone” advertisement or otherwise) without the prior written consent of the Borrower (which consent may be withheld in the Borrower’s sole and absolute discretion).

9.       Miscellaneous.

This Commitment Letter and the commitments hereunder shall not be assignable by any party hereto without the prior written consent of each other party hereto (such consent not to be unreasonably withheld or delayed) and any purported assignment without such consent shall be null and void. This Commitment Letter and the commitments hereunder are intended to be solely for the benefit of the parties hereto (and Indemnified Persons to the extent expressly set forth herein) and do not and are not intended to and do not confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons to the extent expressly set forth herein). The Commitment Parties reserve the right to employ the services of their affiliates or branches in providing services contemplated hereby and to allocate, in whole or in part, to their affiliates or branches certain fees payable to the Commitment Parties in such manner as the Commitment Parties and their affiliates or branches may agree in their sole discretion and, to the extent so employed, such affiliates and branches shall be entitled to the benefits and protections afforded to, and subject to the provisions governing the conduct of, the Commitment Parties hereunder; provided that (a) no Commitment Party shall be relieved of any of its obligations hereunder, including in the event that any affiliate or branch through which it performs its obligations fails to perform the same in accordance with the terms hereof, and (b) the applicable Commitment Party shall be responsible for any breach by any such affiliate or branch referred to in the foregoing clause (a) of the obligations hereunder. This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by each of the Commitment Parties and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or other electronic transmission (i.e., a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. This Commitment Letter (including the exhibits hereto), together with the Fee Letters and the other terms of the Facility Documentation (which do not affect the conditionality of the commitments under this Commitment Letter) summarized in a term sheet entered into between the Borrower, DNB Bank and Nordea Bank before the date hereof (the “Term Sheet”) pursuant to a certain mandate letter entered into by them, are the only agreements (together with such Term Sheet and such mandate letter that have been entered into among the parties hereto with respect to the Facility and (ii) supersede all prior understandings, whether written or oral, among us with respect to the Facility and sets forth the entire understanding of the parties hereto with respect thereto. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in this Commitment Letter shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT (A) THE INTERPRETATION OF THE DEFINITION OF “MATERIAL ADVERSE EFFECT” (AS DEFINED IN THE ACQUISITION AGREEMENT) (AND WHETHER OR NOT A MATERIAL ADVERSE EFFECT (AS DEFINED IN THE ACQUISITION AGREEMENT) HAS OCCURRED), (B) THE DETERMINATION OF THE ACCURACY OF ANY SPECIFIED ACQUISITION AGREEMENT REPRESENTATION AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF YOU OR ANY OF YOUR AFFILIATES HAVE THE RIGHT (TAKING INTO ACCOUNT ANY APPLICABLE CURE PROVISIONS) TO TERMINATE YOUR OR ITS OBLIGATIONS THEREUNDER OR TO DECLINE TO CONSUMMATE THE ACQUISITION IN

 ACCORDANCE WITH THE TERMS THEREOF, AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ALL MATERIAL RESPECTS IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS (AS DEFINED IN THE ACQUISITION AGREEMENT) OF THE STATE OF DELAWARE IN THE UNITED STATES OF AMERICA WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THERE.

Each of the parties hereto agrees and represents and warrants that (i) this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, including the good-faith negotiation of the Facility Documentation by the parties hereto in a manner consistent with this Commitment Letter, it being acknowledged and agreed that the commitments provided hereunder are subject solely to satisfaction or waiver (by the Commitment Parties) of the conditions as expressly provided herein, subject to the Certain Funds Provisions, and (ii) each Fee Letter is a legally valid and binding agreement of the parties thereto with respect to the subject matter set forth therein. Promptly following the execution of this Commitment Letter and the Fee Letters the parties hereto shall proceed with the negotiation in good faith of the Facility Documentation for purposes of executing and delivering the Facility Documentation substantially simultaneously with the consummation of the Acquisition.

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE FEE LETTERS OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York County (the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the Fee Letters or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall only be heard and determined in such New York State court or, to the extent permitted by law, in such federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter or the transactions contemplated hereby in any New York State or in any such federal court, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court, and (d) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in any other courts to whose jurisdiction such person is subject, by suit on the judgment or in any other manner provided by law; provided that with respect to any suit, action or proceeding arising out of or relating to the Acquisition Agreement or the transactions contemplated thereby and that does not involve claims against us or the Lenders (as defined in the Principal Terms) or any Indemnified Person, this sentence shall not override any jurisdiction provision set forth in the Acquisition Agreement. Each of the parties hereto agrees that service of process, summons, notice or document by registered mail addressed to you or us at the addresses set forth above shall be effective service of process for any suit, action or proceeding brought in any such court. 

We hereby notify you that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, the “PATRIOT Act”) and the requirements of 31 C.F.R. § 1010.230 (as amended, the “Beneficial Ownership Regulation”), each of us and each of the Lenders (as defined in the Principal Terms) may be required to (i) obtain, verify and record information that identifies the Borrower and the Guarantors, which information may include their names,

 addresses, tax identification numbers and other information that will allow each of us and the Lenders (as defined in the Principal Terms) to identify the Borrower and the Guarantors in accordance with the PATRIOT Act and (ii) obtain a certification regarding beneficial ownership from the Borrower and any Guarantor under the Facilities in compliance with the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the PATRIOT Act or the Beneficial Ownership Regulation and is effective for each of us and the Lenders (as defined in the Principal Terms).

The indemnification, compensation (if applicable in accordance with the terms hereof and of the Fee Letters), reimbursement (if applicable in accordance with the terms hereof and of the Fee Letters), jurisdiction, governing law, venue, waiver of jury trial, service of process and confidentiality provisions contained herein and in the Fee Letters and the provisions of Section 8 of this Commitment Letter shall remain in full force and effect regardless of whether the Facility Documentation shall be executed and delivered and notwithstanding the termination or expiration of this Commitment Letter or the Initial Lenders’ commitments hereunder; provided that your obligations under this Commitment Letter (other than your obligations with respect to (a) confidentiality of the Fee Letters and the contents thereof and (b) your understandings and agreements regarding no agency or fiduciary duty) shall automatically terminate and be superseded, to the extent covered thereby, by the provisions of the Facility Documentation upon the initial funding thereunder, and you shall automatically be released from all liability in connection therewith at such time. You may terminate this Commitment Letter and the Initial Lenders’ commitments with respect to the Facility hereunder in full or in part (but ratably among the Commitment Parties),) at any time upon written notice from you to the Commitment Parties, subject to the terms and conditions hereof and subject to the Primary Terms, including, without limitation, your surviving obligations as expressly set forth above.

Section headings used herein are for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter.

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letters by returning to the Commitment Parties that are parties thereto (or their legal counsel), executed counterparts hereof not later than 17:30, Central European Time, on 6 March, 2026 (such date, or such earlier date on which executed counterparts hereof are returned to the Commitment Parties, the “Signing Date”). The Initial Lenders’ commitments and the obligations of the Commitment Parties hereunder and agreements contained herein will automatically expire at such time in the event that the Commitment Parties (or their legal counsel) have not received such executed counterparts in accordance with the immediately preceding sentence. If you do so execute and deliver to us this Commitment Letter at or prior to such time, we agree to hold our commitment to provide the Facility and our other undertakings in connection therewith available for you until the earliest of (i) the date on which you notify us in writing that the Acquisition Agreement has terminated in accordance with its terms, (ii) the date of the consummation of the Acquisition (but not, for the avoidance of doubt, prior to the consummation thereof) with or without the funding of the Facility, and (iii) 11:59 p.m., New York City time, on 30 June 2026 (the earliest of such events, the “Termination Date”). Upon the occurrence of the Termination Date, this Commitment Letter and the commitments of each of the Commitment Parties hereunder and the agreement of the Lead Arranger to provide the services described herein shall automatically terminate unless the Commitment Parties shall, in their discretion, agree to an extension in writing. The termination of any commitment shall not prejudice your rights and remedies in respect of any breach or repudiation of this Commitment Letter or the Fee Letters.

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We are pleased to have been given the opportunity to assist you in connection with the financing for the Transactions.

[Signature Page to Commitment Letter]

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Accepted and agreed by:

DIANA SHIPPING INC.

Date: March 6, 2026

[Signature Page to Commitment Letter] 

EXHIBIT A

Diana Shipping Inc.
Transaction Description

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the other Exhibits to the Commitment Letter to which this Exhibit A is attached or in the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit A shall be determined by reference to the context in which it is used.

The Buyer intends to acquire, directly or indirectly, all of the outstanding equity interests of the Company.

In connection with the foregoing, it is intended that:

The transactions described above (including the payment of the Acquisition Costs) are collectively referred to herein as the “Transactions”. 

EXHIBIT B

Diana Shipping Inc.

Summary of Principal Terms and Conditions1

___________________________

1 Note to Draft: all capitalized terms used but not defined herein shall have the meaning given them in the Commitment Letter to which these Principal Terms are attached, including Exhibits A and C thereto.

Confidential

TERM SHEET

Up to USD [•] Senior Secured Amortising Term Loan Facility for Diana
Shipping Inc. (the “Facility”)

Diana Shipping – USD 1.433bn Facility 5 March 2026 Page 1 of 18

Confidential

Confidential

Vessels:	Including the combined fleet of Target (as set out in Exhibit 1) provided that each such vessel remains available to be mortgaged as security for the Facility and has not been sold or become a total loss, on the Vessel Security Effective Date.
Fleet Vessels:	All vessels owned by the Group from time to time (including the Vessels).
Charterparty:	Means any time or bareboat charter entered into by an Owner for a period greater than 12 months.
	FACILITY:
Type of facility:	Senior secured amortising term loan facility.
Facility Amount:	USD [•], split between the following tranches, in each case subject to each of the subsequent paragraphs below: Tranche A: USD 1,102,000,000. Tranche B: The difference between the Facility Amount and Tranche A.
Final Maturity Date:	Tranche A: 5 years from Utilisation of Tranche A. Tranche B: [•].
Commitment Date:	The earlier of (i) issuance of a binding commitment letter whereby the Lenders provide their commitment to the Facility subject only to the conditions outlined therein (the “Commitment Letter”) and (ii) the Effective Date.
Effective Date:	The date of signing of the Facility Agreement, such date to occur no later than 30 June 2026.
Closing Date:	The date that the Acquisition occurs and the Merger is consummated.
Vessel Security Effective Date:	The date on which all Vessel Security is provided in favor of the Security Agent in form and substance satisfactory to the Lenders together with satisfaction of each of the conditions precedent to Utilisation of Tranche B (as outlined below).
Vessel Security Backstop Date:	The date falling 3 business days from Utilisation of Tranche A.
Purpose:	Tranche A To (i) finance the acquisition by the Borrower and/or Acquisition SPV of all remaining shares in Target not already owned by the Group (the “Acquisition”) as part of the consummation of the Merger on the Closing Date, (ii) refinance

Diana Shipping – USD 1.433bn Facility 5 March 2026 Page 2 of 18