DIANA SHIPPING INC. COMMENCES SELF TENDER OFFER TO PURCHASE UP TO 15,000,000 SHARES

07 Jan 2025 11:45 CET

ATHENS, GREECE, January 2, 2025 – Diana Shipping Inc. (NYSE: DSX) (the
“Company”), a global shipping company specializing in the ownership and bareboat
charter-in of dry bulk vessels, today announced the preliminary results of its
tender offer to purchase up to 15,000,000 shares of its common stock, par value
US$0.01 per share, at a price of US$2.00 per share, net to the seller in cash,
less any applicable withholding taxes and without interest. The tender offer
expired at 5:00 P.M., Eastern Time, on December 31, 2024.

Based on a preliminary count by Computershare Trust Company, N.A., the
depositary for the tender offer, the total number of shares tendered in the
tender offer was 12,067,782 shares, including 729,654 shares tendered pursuant
to the guaranteed delivery procedure described in the tender offer documents.
Because the preliminary information received from the depositary indicates that
the tender offer was undersubscribed, it is expected that the Company will
purchase all validly tendered shares from each tendering shareholder. The
Company offered to purchase a total of 15,000,000 shares in the tender offer for
an aggregate purchase price of US$30.0 million.

The number of shares of common stock expected to be purchased by the Company and
the aggregate purchase price for the shares are preliminary and subject to final
confirmation by the depositary and the proper delivery of shares tendered,
including shares tendered pursuant to the guaranteed delivery procedure. The
final results of the tender offer will be announced promptly following
completion of the confirmation process. Payment for shares of common stock
accepted for purchase by the Company will be made in accordance with the terms
of the tender offer promptly following final confirmation of the number of
shares validly tendered. Certificates for all shares tendered and not purchased
will be returned or, in the case of shares tendered by book-entry transfer, will
be credited to the account maintained with the book-entry transfer facility by
the participant who delivered the shares to the tendering pursuant to the terms
of the tender offer.

If shareholders have any questions, please call our information agent, Georgeson
LLC, by telephone, toll free at (800) 248-7690. Parties outside the U.S. can
reach the information agent at +1-781-575-2137...

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636041_DSX_Tender_Offer_Press_Release_021224_final.pdf