Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024; Declares Cash Dividend of $0.01 Per Common Share for the Third Quarter 2024

25 Nov 2024 19:08 CET

ATHENS, GREECE, November 25, 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 $3.7 million and a
net income attributed to common stockholders of $2.3 million for the third
quarter of 2024. This compares to net income of $7.4 million and net income
attributed to common stockholders of $5.9 million for the third quarter of 2023.
Earnings per share for the third quarter of 2024 was $0.02 basic and $0.00
diluted, compared to earnings per share of $0.06 basic and diluted in the same
quarter of 2023.

Time charter revenues were $57.5 million for the third quarter of 2024, compared
to $62.1 million for the same quarter of 2023. The decrease in time charter
revenues, compared to the same quarter last year, was due to decreased average
charter rates and ownership days.

Net income for the nine months ended September 30, 2024, amounted to $3.0
million and net loss attributed to common stockholders amounted to $1.3 million.
This compares to net income of $40.5 million and net income attributed to common
stockholders of $36.1 million for the same period of 2023. Time charter revenues
for the nine months ended September 30, 2024, were $171.1 million, compared to
$202.1 million in the same period of 2023. Loss per share was $0.01 basic and
diluted, compared to earnings per share of $0.36 basic and diluted in the nine
months ended September 30, 2023.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.01 per share,
based on the Company’s results of operations during the third quarter ended
September 30, 2024. The cash dividend will be payable on December 18, 2024 to
all common shareholders of record as of December 11, 2024. The Company currently
has 125,185,706 common shares issued and outstanding. As of November 19, 2024,
there were 6,381,900 warrants exercised...

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