ATHENS, GREECE, November 15, 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 $7.4 million and net income attributed to common stockholders of $5.9 million for the third quarter of 2023. This compares to net income of $31.7 million and net income attributed to common stockholders of $30.3 million for the third quarter of 2022. Earnings per share for the third quarter of 2023 was $0.06 basic and diluted, compared to earnings per share of $0.39 basic and $0.37 diluted in the same quarter in 2022.

Mrs. Semiramis Paliou, Director and Chief Executive Officer of the Company, stated: “We are delighted to announce yet another profitable quarter and nine-month period for our company. Our unwavering commitment to our long-term strategy has yielded positive results. A testament to this success is the continuous distribution of dividends since November 2021. We have rewarded our shareholders since that time with a cash dividend of US$1.45 per share, for those that elected to take cash, amounting to US$130 million in total. In addition, our shareholders have received in kind dividends in the form of newly issued Diana Shipping Inc. common shares, as well as OceanPal Inc. common and preferred shares. We remain focused and committed to providing long term shareholder value.”

Time charter revenues were $62.1 million for the third quarter of 2023, compared to $73.8 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 resulting from vessel acquisitions.

Net income for the nine months ended September 30, 2023 amounted to $40.5 million and net income attributed to common stockholders amounted to $36.1 million. This compares to net income of $93.4 million and net income attributed to common stockholders of $89.1 million, for the same period of 2022. Time charter revenues for the nine months ended September 30, 2023 were $202.1 million compared to $214.3 million in the same period of 2022. Earnings per share was $0.36 basic and diluted, compared to earnings per share of $1.15 basic and $1.10 diluted in the nine months ended September 30, 2022.

Dividend Declaration

The Company has declared a dividend on its common stock based on the Company’s results of operations during the quarter ended September 30, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock on or about December 4, 2023, to all shareholders of record as of November 27, 2023. The Company has 108,233,948 common shares issued and outstanding…