DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2022; DECLARES CASH DIVIDEND OF $0.175 PER SHARE FOR THE THIRD QUARTER 2022 AND SPECIAL STOCK DISTRIBUTION

17 Nov 2022 15:50 CET

ATHENS, GREECE, November 17, 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 $31.7 million and
net income attributed to common stockholders of $30.3 million for the third
quarter of 2022. This compares to net income of $14.7 million and net income
attributed to common stockholders of $13.3 million for the third quarter of
2021. Earnings per share for the third quarter of 2022 was $0.39 basic and $0.37
diluted, compared to earnings per share of $0.17 basic and $0.16 diluted in the
same quarter in 2021.

Time charter revenues were $73.8 million for the third quarter of 2022, compared
to $57.3 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 nine months ended September 30, 2022, amounted to $93.4
million and net income attributed to common stockholders amounted to $89.1
million. This compares to a net income of $16.3 million and net income
attributed to common stockholders of $11.9 million, for the same period of 2021.
Time charter revenues were $214.3 million for the nine months ended September
30, 2022, compared to $145.4 million for the same period of 2021.

Cash and Special Stock Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.175 per
share, based on the Company’s results of operations during the third quarter
ended September 30, 2022. The cash dividend will be payable on or about December
15, 2022 to all shareholders of record as of November 28, 2022. The Company
currently has 98,687,233 common shares issued and outstanding.

The Company has also declared a special stock dividend to shareholders of record
as of November 28, 2022 of all Series D Convertible Preferred Shares of OceanPal
Inc. held by the Company. The dividend will be payable on or about December 15,
2022 (the “Stock Dividend”). Because no public market exists or is expected to
develop for the Series D Convertible Preferred Shares, as an accommodation to
common shareholders, the Company will automatically convert the Series D
Convertible Preferred Shares into OceanPal Inc. common shares on or around the
Stock Dividend payment date and distribute such common shares to each common
shareholder. Common shareholders, in their sole discretion, may elect to opt
out, in whole but not in part, of the conversion of the Series D Convertible
Preferred Shares and instead receive Series D Convertible Preferred Shares in
connection with the Stock Dividend.

Shareholders electing to receive Series D Convertible Preferred Shares by opting
out of the automatic conversion will receive a number of Series D Convertible
Preferred Shares equal to such common shareholder’s pro-rata portion of all
Series D Convertible Preferred Shares, rounded down to the nearest whole number.
Any fractional Series D Convertible Preferred Shares that would otherwise be
distributed will be converted into OceanPal Inc. common shares at the applicable
conversion rate and sold, and the net proceeds therefrom will be delivered to
such common shareholder. Common Shareholders receiving OceanPal Inc. common
shares will receive the pro-rata number of common shares to which they are
entitled following conversion, rounded down to the nearest whole number, and any
fractional shares shall be aggregated and sold and the net proceeds thereof will
be delivered to common shareholders. All OceanPal Inc. fractional share
calculations and the payment of cash in lieu thereof will be determined at the
shareholder nominee level.

OceanPal Inc. has filed a registration statement with the SEC registering the
OceanPal Inc. common shares and / or Series D Convertible Preferred Shares in
the Stock Distribution. No distribution of the Series D Convertible Preferred
Shares or OceanPal Inc. common shares will be made until such registration
statement has been declared effective…

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