Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2022; Declares Cash Dividend of $0.175 per Share for the Third Quarter 2022 and Special Stock Distribution

Athens, Greece - November 17, 2022

Diana Shipping Inc. (NYSE: DSX), (the "Company"), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $31.7 million and net income attributed to common stockholders of $30.3 million for the third quarter of 2022. This compares to net income of $14.7 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2021. Earnings per share for the third quarter of 2022 was $0.39 basic and $0.37 diluted, compared to earnings per share of $0.17 basic and $0.16 diluted in the same quarter in 2021.

Time charter revenues were $73.8 million for the third quarter of 2022, compared to $57.3 million for the same quarter of 2021. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to the decrease in the size of the fleet and increased off hire days during the quarter compared to the same quarter last year.

Net income for the nine months ended September 30, 2022, amounted to $93.4 million and net income attributed to common stockholders amounted to $89.1 million. This compares to a net income of $16.3 million and net income attributed to common stockholders of $11.9 million, for the same period of 2021. Time charter revenues were $214.3 million for the nine months ended September 30, 2022, compared to $145.4 million for the same period of 2021.

Cash and Special Stock Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.175 per share, based on the Company's results of operations during the third quarter ended September 30, 2022. The cash dividend will be payable on or about December 15, 2022 to all shareholders of record as of November 28, 2022. The Company currently has 98,687,233 common shares issued and outstanding.

The Company has also declared a special stock dividend to shareholders of record as of November 28, 2022 of all Series D Convertible Preferred Shares of OceanPal Inc. held by the Company. The dividend will be payable on or about December 15, 2022 (the "Stock Dividend"). Because no public market exists or is expected to develop for the Series D Convertible Preferred Shares, as an accommodation to common shareholders, the Company will automatically convert the Series D Convertible Preferred Shares into OceanPal Inc. common shares on or around the Stock Dividend payment date and distribute such common shares to each common shareholder. Common shareholders, in their sole discretion, may elect to opt out, in whole but not in part, of the conversion of the Series D Convertible Preferred Shares and instead receive Series D Convertible Preferred Shares in connection with the Stock Dividend.

Shareholders electing to receive Series D Convertible Preferred Shares by opting out of the automatic conversion will receive a number of Series D Convertible Preferred Shares equal to such common shareholder's pro-rata portion of all Series D Convertible Preferred Shares, rounded down to the nearest whole number. Any fractional Series D Convertible Preferred Shares that would otherwise be distributed will be converted into OceanPal Inc. common shares at the applicable conversion rate and sold, and the net proceeds therefrom will be delivered to such common shareholder. Common Shareholders receiving OceanPal Inc. common shares will receive the pro-rata number of common shares to which they are entitled following conversion, rounded down to the nearest whole number, and any fractional shares shall be aggregated and sold and the net proceeds thereof will be delivered to common shareholders. All OceanPal Inc. fractional share calculations and the payment of cash in lieu thereof will be determined at the shareholder nominee level.

OceanPal Inc. has filed a registration statement with the SEC registering the OceanPal Inc. common shares and / or Series D Convertible Preferred Shares in the Stock Distribution. No distribution of the Series D Convertible Preferred Shares or OceanPal Inc. common shares will be made until such registration statement has been declared effective.

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About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in 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