ATHENS, GREECE, May 26, 2023 – 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 $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023. This compares to a net income of $26.0 million and net income attributed to common stockholders of $24.6 million reported in the first quarter of 2022. Earnings per share for the first quarter of 2023 was $0.22 basic and diluted, compared to earnings per share of $0.32 basic and $0.31 diluted in the same quarter in 2022.

Time charter revenues were $72.6 million for the first quarter of 2023, compared to $65.9 million for the same quarter of 2022. The increase in time charter revenues, compared to the same quarter of last year, was due to increased ownership days resulted from vessel acquisitions. This increase was partly offset by decreased average charter rates compared to the same quarter of last year.

Dividend Declaration

The Company has declared a dividend on its common stock based on the Company’s results of operations during the quarter ended March 31, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock or, upon the election of common shareholders, in cash. The dividend will be payable on or about July 10, 2023, to all shareholders of record as of June 12, 2023. The Company has 106,437,232 common shares issued and outstanding.

The Company is also re-affirming its previously announced dividend guidance that it intends to declare and pay quarterly dividends with respect to the next two quarters of 2023 in an amount of not less than $0.15 per share. The actual declaration of future dividends, the establishment of record and payment dates and the determination to pay future dividends in cash, in stock, or in a combination of cash and shares of common stock is subject to final determination by the Company’s board of directors each quarter after its review of the Company’s financial performance.

Other Matters

The Company is also announcing that it has signed a non-binding term sheet with a major European bank for a new sustainability linked loan facility in an amount of up to $100 million. If completed, the proceeds of the new facility will be used to refinance existing credit facilities secured by the ten vessels in the Company’s current fleet securing the facility. The facility is expected to have a term of six and a half years. The Company has also signed a non-binding term sheet with a separate major European bank for an additional credit facility in the amount of up to $22.5 million. If completed, the proceeds of the $22.5 million facility will be used to refinance an existing credit facility secured by four of the Company’s dry bulk vessels. The facility is expected to have a term of five years. Both facilities remain subject to successful negotiation of definitive documentation and satisfaction of other customary closing conditions and are expected to include customary financial and other covenants and conditions…