Diana Shipping Inc. Announces Approval for Listing of Oceanpal Inc. on Nasdaq Capital Market and Revised Record Date for Oceanpal Inc. Spin-Off and US$0.10 Cash Dividend

Athens, Greece - October 26, 2021

Diana Shipping Inc. (NYSE: DSX) (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has received approval, subject to official notice of issuance, for the listing of the common shares of OceanPal Inc. on the Nasdaq Capital Market under the ticker symbol “OP”. As the Company previously announced on October 19, 2021, the Company will effect a spin-off of 100% of the common shares of its wholly-owned subsidiary, OceanPal Inc., to Diana Shipping Inc.’s existing shareholders as of the record date set forth herein. OceanPal Inc. will act as the holding company for three of the Company’s older dry bulk vessels.

The Company is also announcing that the previously announced record date of the OceanPal Inc. spin-off and the payment of a cash dividend in the amount of US$0.10 per Diana Shipping Inc. common share has been changed to November 3, 2021 (the “Record Date”). The Company expects to complete the distribution of the OceanPal Inc. common shares at a ratio of one OceanPal Inc. share for every 10 shares of Diana Shipping Inc. held on the Record Date on or around November 9, 2021 (the “Payment Date”). To the extent the distribution would result in any shareholder owning a fractional share of OceanPal Inc. such fractional share will be rounded up to the next whole number of shares. The payment date of the cash dividend will be November 10, 2021. The ex-dividend date for the cash dividend will be November 2, 2021. With respect to the spin-off, shares of Diana Shipping Inc. will trade with due bills from the Record Date through and including the Payment Date. Accordingly, shareholders of Diana Shipping Inc. as of the Record Date must continuously hold such Diana Shipping Inc. common shares through and including the Payment Date in order to receive shares of OceanPal Inc. in the spin-off.

Additional information about OceanPal Inc. and the spin-off transaction can be found in the Company’s press release dated October 19, 2021 and in the registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 filed by OceanPal Inc. in connection with the spin-off transaction that is available at www.sec.gov. The information in the filed registration statement on Form 20-F is not final and remains subject to change. The consummation of the spin-off transaction remains subject to the registration statement on Form 20-F being declared effective by the US Securities and Exchange Commission.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to consummation of the spin-off transaction.

About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Diana Shipping Inc. press release