Diana Shipping : 2024 1st Quarter

Corporate Contact:

Ioannis Zafirakis

Director, Chief Financial Officer, Chief Strategy Officer,

Treasurer and Secretary

Telephone: + 30-210-9470100

Email:[e-mail]

Website:www.dianashippinginc.com

1. @Dianaship

Investor and Media Relations:

Edward Nebb

Comm-Counsellors, LLC

Telephone: + 1-203-972-8350

Email: [e-mail]

DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2024; DECLARES CASH

DIVIDEND OF $0.075 PER COMMON SHARE FOR THE FIRST QUARTER 2024

ATHENS, GREECE, May 28, 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 $2.1 million and net income attributed to common stockholders of $0.6 million for the first quarter of 2024. This compares to net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023. Earnings per share for the first quarter of 2024 was $0.01 basic and diluted, compared to earnings per share of $0.22 basic and diluted in the same quarter of 2023.

Time charter revenues were $57.6 million for the first quarter of 2024, compared to $72.6 million for the same quarter of 2023. The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased average charter rates and ownership days.

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 first quarter ended March 31, 2024. The cash dividend will be payable on or about June 18, 2024 to all common shareholders of record as of June 12, 2024. The Company currently has 120,321,240 common shares issued and outstanding. As of May 20, 2024, there were 3,284,372 warrants exercised.

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Q2 2024 Fleet Employment (As of May 27, 2024)

	VESSEL	SISTER	GROSS RATE		CHARTERERS	DELIVERY DATE	REDELIVERY DATE TO
		COM**		TO	NOTES
	BUILT DWT	SHIPS*	(USD PER DAY)		OWNERS****
					CHARTERERS***
					9 Ultramax Bulk Carriers
1	DSI Phoenix	A	13,250	5.00%	ASL Bulk Marine Limited	4-Nov-22	6-May-24
	2017 60,456		16,500	5.00%	Bulk Trading SA	6-May-24	1/Aug/2025 - 30/Sep/2025
2	DSI Pollux	A	14,000	4.75%	Cargill Ocean Transportation	28-Dec-23	20/Aug/2025 - 20/Oct/2025
(Singapore) Pte. Ltd.
	2015 60,446
3	DSI Pyxis	A	14,250	5.00%	ASL Bulk Marine Limited	24-Sep-23	10/Oct/2024 - 10/Dec/2024
	2018 60,362
4	DSI Polaris	A	13,100	5.00%	ASL Bulk Marine Limited	12-Nov-22	15/Jun/2024 - 29/Jul/2024	1
	2018 60,404
5	DSI Pegasus	A	14,000	5.00%	Reachy Shipping (SGP) Pte.	7-Dec-22	15/Jul/2024 - 15/Sep/2024
	2015 60,508				Ltd.
6	DSI Aquarius	B	14,200	5.00%	Engelhart CTP Freight	1-Feb-23	18-Jan-24
(Switzerland) SA
	2016 60,309		14,500	5.00%	Stone Shipping Ltd	18-Jan-24	1/Dec/2024 - 1/Feb/2025
7	DSI Aquila	B	12,500	5.00%	Western Bulk Carriers AS	11-Nov-23	10/Nov/2024 - 10/Jan/2025
	2015 60,309
8	DSI Altair	B	13,800	5.00%	Western Bulk Carriers AS	23-Jun-23	10/Aug/2024 - 10/Oct/2024
	2016 60,309
9	DSI Andromeda	B	13,500	5.00%	Bunge SA, Geneva	27-Nov-23	20/Feb/2025 - 20/Apr/2025	2,3
	2016 60,309
					6 Panamax Bulk Carriers
10	ARTEMIS		12,000	5.00%	Jera Global Markets Pte. Ltd.	14-Oct-23	23-Feb-24	4
	2006 76,942
11	LETO		14,500	4.75%	Cargill International S.A.,	29-Jan-23	3-May-24
	Geneva
	2010 81,297		16,000	5.00%	ASL Bulk Shipping Limited	3-May-24	1/Mar/2025 - 30/Apr/2025
12	SELINA	C	12,000	4.75%	Cargill International S.A.,	20-May-23	15/Sep/2024 - 15/Nov/2024
	2010 75,700				Geneva
13	MAERA	C	12,000	4.75%	Cargill International S.A.,	16-Dec-22	29-Jan-24
Geneva
							5
					ST Shipping and Transport
	2013 75,403		13,750	5.00%	29-Jan-24	20/Nov/2024 - 20/Jan/2025
		Pte. Ltd.
14	ISMENE		12,650	5.00%	Paralos Shipping Pte., Ltd.	13-Sep-23	15/Apr/2025 - 30/Jun/2025
	2013 77,901
15	CRYSTALIA	D	11,250	5.00%	Reachy Shipping (SGP) Pte.	6-Sep-23	13-Apr-24	6
Ltd.
	2014 77,525		13,900	5.00%	Louis Dreyfus Company	4-May-24	4/Feb/2026 - 4/Jun/2026
		Freight Asia Pte. Ltd.
16	ATALANDI	D	13,250	4.75%	Aquavita International S.A.	15-Feb-23	29-Apr-24	7
	2014 77,529		15,800	5.00%	Quadra Commodities SA	28-May-24	22-Jul-24	8,9
				6 Kamsarmax Bulk Carriers
17	MAIA	E	13,500	5.00%	ST Shipping and Transport	23-Sep-23	15/Jun/2024 - 20/Aug/2024
	2009 82,193				Pte. Ltd.
18	MYRSINI	E	15,000	5.00%	Salanc Pte. Ltd.	22-Nov-22	20/Jun/2024 - 28/Jun/2024	1
	2010 82,117

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19	MEDUSA	E	14,250	5.00%	ASL Bulk Shipping Limited	14-May-23	10/Feb/2025 - 15/Apr/2025
	2010 82,194
20	MYRTO	E	12,650	5.00%	Cobelfret S.A., Luxemburg	15-Jul-23	1/Nov/2024 - 15/Jan/2025
	2013 82,131
21	ASTARTE		15,000	5.00%	Reachy Shipping (SGP) Pte.	29-Apr-23	1/Aug/2024 - 1/Oct/2024
	2013 81,513				Ltd.
22	LEONIDAS P. C.		17,000	4.75%	Cargill International S.A.,	17-Mar-23	22-Feb-24
	Geneva
							10
					Ming Wah International
	2011 82,165		17,000	5.00%	22-Feb-24	20/Aug/2025 - 20/Oct/2025
		Shipping Company Limited
				5 Post-Panamax Bulk Carriers
23	ALCMENE		13,000	5.00%	SwissMarine Pte. Ltd.,	2-Jan-23	23-Mar-24
			Singapore
	2010 93,193		16,000	5.00%	Triangle Merchant Maritime	24-Mar-24	1-Jun-24	1,11
		Co., Limited
24	AMPHITRITE	F	14,250	5.00%	Cobelfret S.A., Luxembourg	9-Nov-22	13-Jan-24
	2012 98,697		15,000	13-Jan-24	15/Nov/2024 - 15/Jan/2025	12
25	POLYMNIA	F	15,000	5.00%	Cobelfret S.A., Luxemburg	14-Jan-23	5-Jun-24	1,13
	2012 98,704
26	ELECTRA	G	14,500	5.00%	Cobelfret S.A., Luxemburg	13-Apr-23	2/Jun/2024 - 30/Jun/2024	1
	2013 87,150
27	PHAIDRA	G	12,250	4.75%	Aquavita International S.A.	9-May-23	1/Sep/2024 - 15/Nov/2024
	2013 87,146
				9 Capesize Bulk Carriers
28	SEMIRIO	H	14,150	5.00%	Solebay Shipping Cape	18-Aug-23	20/Nov/2024 - 30/Jan/2025
	2007 174,261				Company Limited, Hong Kong
29	HOUSTON	H	13,000	5.00%	EGPN Bulk Carrier Co.,	21-Nov-22	1/Jul/2024 - 31/Aug/2024	14
	2009 177,729				Limited
30	NEW YORK	H	16,000	5.00%	SwissMarine Pte. Ltd.,	11-Jun-23	1/Oct/2024 - 7/Dec/2024
	2010 177,773				Singapore
31	SEATTLE	I	17,500	5.00%	Solebay Shipping Cape	1-Oct-23	15/Jul/2025 - 30/Sep/2025
	2011 179,362				Company Limited, Hong Kong
32	P. S. PALIOS	I	31,000	5.00%	Classic Maritime Inc.	11-Jun-22	7-May-24
	2013 179,134		27,150	5.00%	Bohai Shipping (HEBEI) Co.,	7-May-24	1/Nov/2025 - 31/Dec/2025
					Ltd
33	G. P. ZAFIRAKIS	J	17,000	5.00%	Solebay Shipping Cape	12-Jan-23	15/Jun/2024 - 15/Aug/2024
	2014 179,492				Company Limited, Hong Kong
34	SANTA BARBARA	J	21,250	5.00%	Smart Gain Shipping Co.,	7-May-23	10/Oct/2024 - 10/Dec/2024	15
	2015 179,426				Limited
35	NEW ORLEANS		20,000	5.00%	Kawasaki Kisen Kaisha, Ltd.	7-Dec-23	15/Aug/2025 - 31/Oct/2025	15,16
	2015 180,960
36	FLORIDA		25,900	5.00%	Bunge S.A., Geneva	29-Mar-22	29/Jan/2027 - 29/May/2027	3
	2022 182,063
				4 Newcastlemax Bulk Carriers
37	LOS ANGELES	K	17,700	5.00%	Nippon Yusen Kabushiki	15-Jan-23	15/Jun/2024 - 5/Aug/2024
	2012 206,104				Kaisha, Tokyo
38	PHILADELPHIA	K	26,000	5.00%	C Transport Maritime Ltd.,	12-Apr-22	4-Feb-24
Bermuda
	2012 206,040		22,500	5.00%	Nippon Yusen Kabushiki	4-Feb-24	20/Apr/2025 - 20/Jul/2025
		Kaisha, Tokyo
39	SAN FRANCISCO	L	22,000	5.00%	SwissMarine Pte. Ltd.,	18-Feb-23	5/Jan/2025 - 5/Mar/2025
	2017 208,006				Singapore
40	NEWPORT NEWS	L	20,000	5.00%	Nippon Yusen Kabushiki	20-Sep-23	10/Mar/2025 - 10/Jun/2025
	2017 208,021				Kaisha, Tokyo

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• Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
• Total commission percentage paid to third parties.
• In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
• Range of redelivery dates, with the actual date of redelivery being at the Charterers' option, but subject to the terms, conditions, and exceptions of the particular charterparty.

1Based on latest information.

2The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000. 3Bareboat chartered-in for a period of ten years.

4Vessel has been sold and delivered to her new Owners on March 5, 2024.

5Charterers will compensate the Owners at a rate of 105% of the Baltic Panamax Index 5 TC average as published by the Baltic Exchange on a daily basis or the vessel's present charter party rate, whichever is higher, for the excess period commencing from December 29, 2023 until the actual redelivery date.

6Vessel on scheduled drydocking during the period from April 15, 2024 to May 4, 2024. 7Vessel on scheduled drydocking during the period from April 29, 2024 to May 28, 2024. 8Estimated delivery date to the Charterers.

9Redelivery date based on an estimated time charter trip duration of about 55 days. 10Vessel off hire for 5.93 days.

11Redelivery date based on an estimated time charter trip duration of about 70 days. 12The charter rate will be US$12,250 per day for the first 30 days of the charter period. 13The charter rate was US$10,000 per day for the first 30 days of the charter period.

14Vessel has been sold and it is expected to be delivered to her new Owners by latest September 16, 2024. 15Bareboat chartered-in for a period of eight years.

16Vessel off hire for 7.43 days.

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Summary of Selected Financial & Other Data (unaudited)
		Three months ended March 31,
	2024		2023
STATEMENT OF INCOME DATA (in thousands of US Dollars)
Time charter revenues	$		57,648	$		72,642
Voyage expenses			3,268			3,811
Vessel operating expenses			20,864			20,164
Net income			2,058			22,713
Net income attributable to common stockholders			616			21,271
FLEET DATA
Average number of vessels			39.7			41.5
Number of vessels			39.0			41.0
Weighted average age of vessels			10.7			10.0
Ownership days			3,613			3,737
Available days			3,613			3,720
Operating days			3,582			3,699
Fleet utilization			99.1%			99.4%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1)	$		15,051	$		18,503
Daily vessel operating expenses (2)	$		5,775	$		5,396

Non-GAAP Measures

1. Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses or gain, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.
2. Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Company's management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, May 28, 2024.

Investors may access the webcast by visiting the Company's website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company's website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers) and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1- 877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers) and providing the Replay ID number 13746383.

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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 short to medium-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.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company's filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

(See financial tables attached)

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DIANA SHIPPING INC.

FINANCIAL TABLES

Expressed in thousands of U.S. Dollars, except share and per share data

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
		Three months ended March 31,
		2024		2023
REVENUES:
Time charter revenues	$	57,648	$	72,642
OPERATING EXPENSES
Voyage expenses		3,268		3,811
Vessel operating expenses		20,864		20,164
Depreciation and amortization of deferred charges		11,102		13,254
General and administrative expenses		8,533		7,682
Management fees to a related party		333		315
Gain on sale of vessels		(1,572)		(4,995)
Other operating income		(285)		(210)
Operating income, total	$	15,405	$	32,621
OTHER INCOME / (EXPENSES):
Interest expense and finance costs		(12,056)		(11,658)
Interest and other income		1,736		1,774
Gain on derivative instruments		338		-
Loss on extinguishment of debt		-		(44)
Gain on investments		1,716		-
Loss on warrants		(4,684)		-
Gain/(loss) from equity method investments		(397)		20
Total other expenses, net	$	(13,347)	$	(9,908)
Net income and comprehensive income	$	2,058	$	22,713
Dividends on series B preferred shares		(1,442)		(1,442)
Net income and comprehensive income attributable to common		616		21,271
stockholders
Earnings per common share, basic	$	0.01	$	0.22
Earnings per common share, diluted	$	0.01	$	0.22
Weighted average number of common shares outstanding, basic		110,330,456		97,323,011
Weighted average number of common shares outstanding, diluted		111,378,871		98,500,961

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CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands of U.S. Dollars)

		March 31, 2024		December 31, 2023*
ASSETS		(unaudited)
Cash, cash equivalents, restricted cash and time deposits	$	161,974** $	161,592**
Investments in equity securities		-		20,729
Other current assets		41,993		19,900
Fixed assets		904,007		924,474
Investments in related parties and equity method investments		41,266		24,087
Other noncurrent assets		14,123		15,628
Total assets	$	1,163,363	$	1,166,410
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt and finance liabilities, net of deferred financing costs	$	628,148	$	642,772
Other liabilities		38,827		34,617
Total stockholders' equity		496,388		489,021
Total liabilities and stockholders' equity	$	1,163,363	$	1,166,410

• The balance sheet data have been derived from the audited consolidated financial statements at that date.
• Includes time deposits of $40 million as of March 31, 2024 and December 31, 2023, respectively

OTHER FINANCIAL DATA (unaudited)
		Three months ended March 31,
	2024		2023
Net cash provided by operating activities	$		37,965	$		33,196
Net cash used in investing activities			(21,049)			(10,645)
Net cash used in financing activities	$		(16,534)	$		(50,799)

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