ATHENS, GREECE, February 23, 2024 – 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 $9.4 million and net income attributed to common stockholders of $7.9 million for the fourth quarter of 2023. This compares to net income of $25.7 million and net income attributed to common stockholders of $24.2 million for the fourth quarter of 2022. Earnings per share for the fourth quarter of 2023 was $0.08 basic and $0.06 diluted, compared to earnings per share of $0.28 basic and $0.27 diluted in the same quarter of 2022.

Time charter revenues were $60.0 million for the fourth quarter of 2023, compared to $75.7 million for the same quarter of 2022. The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased average charter rates. This decrease was partly offset by increased ownership days that resulted from vessel acquisitions.

Net income for 2023, amounted to $49.8 million and net income attributed to common stockholders amounted to $44.1 million. This compares to net income of $119.1 million and net income attributed to common stockholders of $113.3 million, for 2022. Time charter revenues for 2023 were $262.1 million, compared to $290.0 million for 2022. Earnings per share was $0.44 basic and $0.42 diluted, compared to earnings per share of $1.42 basic and $1.36 diluted in 2022.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.075 per share, based on the Company’s results of operations during the fourth quarter ended December 31, 2023. The cash dividend will be payable on or about March 12, 2024 to all shareholders of record as of March 5, 2024. The Company currently has 115,996,291 common shares issued and outstanding. As of February 16, 2024, there were 1,940,736 warrants exercised.

Sale of Capesize Dry Bulk Vessel, m/v Houston

The Company also announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2009-built vessel “Houston”, with delivery to the buyer latest by September 16, 2024, for a sale price of $23.3 million before commissions.