ATHENS, GREECE, July 28, 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 $35.6 million and net income attributed to common stockholders of $34.2 million for the second quarter of 2022. This compares to net income of $2.8 million and net income attributed to common stockholders of $1.4 million for the second quarter of 2021. Earnings per share for the second quarter of 2022 was $0.44 basic and $0.42 diluted, compared to earnings per share of $0.02 basic and diluted in the same quarter of 2021.

Time charter revenues were $74.5 million for the second quarter of 2022, compared to $47.0 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 six months ended June 30, 2022, amounted to $61.6 million and net income attributed to common stockholders amounted to $58.8 million. This compares to net income of $1.5 million and net loss attributed to common stockholders of $1.4 million for the same period of 2021. Time charter revenues were $140.5 million for the six months ended June 30, 2022, compared to $88.1 million for the same period of 2021.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.275 per share, based on the Company’s results of operations during the second quarter ended June 30, 2022. The cash dividend will be payable on or about August 19, 2022 to all shareholders of record as of August 8, 2022. The Company currently has 86,142,258 common shares issued and outstanding…