GlobeNewswire Inc | Feb 22, 2021 08:29AM EST

February 22, 2021

ATHENS, Greece, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the Company), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $7.4 million and net loss attributed to common stockholders of $8.9 million for the fourth quarter of 2020, including a $1.9 million impairment loss. This compares to a net loss of $14.0 million and net loss attributed to common stockholders of $15.4 million reported in the fourth quarter of 2019, including a $6.5 million impairment loss and $3.3 million loss on sale of vessels.

Time charter revenues were $42.7 million for the fourth quarter of 2020, compared to $51.5 million for the same quarter of 2019. The decrease in time charter revenues was mainly due to the decrease in ownership days resulting from the sale of two vessels in 2020 and also due to decreased average time charter rates that the Company achieved for its vessels during the quarter.

Net loss for 2020 amounted to $134.2 million and net loss attributed to common stockholders amounted to $140.0 million, including a $104.4 million impairment loss and $1.1 million loss on sale of vessels. This compares to a net loss of $10.5 million and net loss attributed to common stockholders of $16.3 million for 2019, including a $14.0 million impairment loss and $6.2 million loss on sale of vessels. Time charter revenues were $169.7 million for 2020, compared to $220.7 million for 2019.

Fleet Employment Profile (As of February 19, 2021) Diana Shipping Inc.?s fleet is employed as follows: Gross Vessel Rate Delivery Date Redelivery Sister (USD Com** Charterers to Date to Notes Ships* Per Charterers*** Owners**** BUILT DWT Day)

12 Panamax Bulk Carriers Phaethon 4-Mar-21 -1 OCEANIS $9,200 5.00% International 9-Jan-20 24-Mar-21 1,2 Company AG 2001 75,211 Phaethon2 PROTEFS A $9,900 5.00% International 30-Nov-19 8-Feb-21 Company AG Reachy $10,650 5.00% International 8-Feb-21 10-Mar-22 - (HK) Co., 20-May-22 Limited 2004 73,630 Uniper Global3 CALIPSO A $8,250 5.00% Commodities 13-Apr-20 22-Jan-21 3 SE, Dsseldorf Viterra $10,400 5.00% Chartering 22-Jan-21 1-Oct-21 - B.V., 15-Dec-21 Rotterdam 2005 73,691 Phaethon4 NAIAS A $10,000 5.00% International 26-Jan-19 27-Jan-21 Company AG Cargill $11,000 4.75% International 27-Jan-21 18-Mar-21 4 S.A., Geneva 2006 73,546 Koch Shipping- CORONIS $8,000 5.00% Pte. Ltd., 20-Feb-20 31-Dec-20 5 Singapore 2006 74,381 Ausca5 MELIA $10,000 5.00% Shipping 20-Aug-20 5-Apr-21 - 6 Limited, Hong 20-Jun-21 Kong 2005 76,225 Koch Shipping6 ARTEMIS $10,150 5.00% Pte. Ltd., 28-Nov-19 24-Oct-20 7 Singapore Glencore $10,250 5.00% Agriculture 30-Nov-20 5-Jan-22 - B.V., 30-Mar-22 Rotterdam 2006 76,942 Cargill 15-Jul-21 -7 LETO $9,000 4.75% International 21-May-20 30-Sep-21 S.A., Geneva 2010 81,297 ST Shipping8 SELINA B $11,000 5.00% and Transport 5-Jul-20 5-Jul-21 - Pte. Ltd., 5-Sep-21 Singapore 2010 75,700 Ausca9 MAERA B $8,600 5.00% Shipping 11-Jun-20 1-Jul-21 - Limited, Hong 30-Sep-21 Kong 2013 75,403 Phaethon 1-Mar-21 -10 ISMENE $10,800 5.00% International 10-Jan-20 25-Apr-21 2 Company AG 2013 77,901 Glencore11 CRYSTALIA C $8,750 5.00% Agriculture 22-May-20 1-Jul-21 - B.V., 30-Sep-21 Rotterdam 2014 77,525 Uniper Global12 ATALANDI C $9,300 5.00% Commodities 14-Jun-20 14-Jul-21 - SE, 14-Oct-21 Dsseldorf 2014 77,529 5 Kamsarmax Bulk Carriers Aquavita 31-Mar-21 -13 MAIA D $11,200 5.00% International 31-Jan-20 15-Jun-21 S.A. 2009 82,193 Ausca14 MYRSINI D $11,500 5.00% Shipping 4-Dec-19 2-Mar-21 - 2 Limited, Hong 19-Mar-21 Kong 2010 82,117 15 MEDUSA D $11,000 4.75% Cargill 16-Nov-19 19-Nov-20 $11,000 4.75% International 19-Nov-20 10-Jan-22 - S.A., Geneva 20-Mar-22 2010 82,194 Cargill 1-Jul-21 -16 MYRTO D $10,000 4.75% International 3-Apr-20 15-Sep-21 S.A., Geneva 2013 82,131 Aquavita 18-Mar-21 -17 ASTARTE $11,750 5.00% International 18-Jan-20 2-Jun-21 S.A. 2013 81,513 5 Post-Panamax Bulk Carriers Cargill 17-Apr-21 -18 ALCMENE $8,500 4.75% International 2-Apr-20 2-Jul-21 S.A., Geneva 2010 93,193 SwissMarine 6-Apr-21 -19 AMPHITRITE E $10,250 5.00% Pte. Ltd., 21-Mar-20 21-Jun-21 Singapore 2012 98,697 Cargill20 POLYMNIA E $11,000 4.75% International 15-Nov-19 22-Nov-20 S.A., Geneva CLdN 15-Oct-21 - $12,100 5.00% Cobelfret SA, 22-Nov-20 25-Dec-21 Luxembourg 2012 98,704 Oldendorff Carriers GMBH21 ELECTRA F $10,250 5.00% & Co. KG, 21-Nov-19 4-Jan-21 8 Lbeck, Germany SwissMarine $12,500 5.00% Pte. Ltd., Singapore 2013 87,150 4-Jan-21 30-Mar-21 Uniper Global22 PHAIDRA F $9,400 5.00% Commodities 29-May-20 29-Apr-21 - SE, 29-Jul-21 Dsseldorf 2013 87,146 12 Capesize Bulk Carriers Koch Shipping 4-Mar-21 -23 ALIKI $11,300 5.00% Pte. Ltd., 23-Apr-20 15-Mar-21 2 Singapore 2005 180,235 24 BALTIMORE $15,000 5.00% Koch Shipping 19-May-19 21-Dec-20 $13,000 5.00% Pte. Ltd., 21-Dec-20 20-Jul-21 - Singapore 5-Oct-21 2005 177,243 SALT LAKE Cargill25 CITY $9,750 4.75% International 24-Mar-19 9-Jan-21 S.A., Geneva C Transport 1-Apr-22 - $13,000 5.00% Maritime 9-Jan-21 30-Jun-22 Ltd., Bermuda 2005 171,810 Oldendorff Carriers GMBH- SIDERIS GS G $12,700 5.00% & Co. KG, 7-Mar-20 15-Jan-21 9,10 Lbeck, Germany 2006 174,186 Cargill26 SEMIRIO G $16,000 4.75% International 30-Jun-19 1-Jan-21 S.A., Geneva SwissMarine 5-Oct-21 - $13,500 5.00% Pte. Ltd., 1-Jan-21 20-Dec-21 Singapore 2007 174,261 Oldendorff Carriers GMBH 1-Apr-21 -27 BOSTON G $15,300 5.00% & Co. KG, 7-Jun-19 30-Jun-21 Lbeck, Germany 2007 177,828 C Transport 1-Jul-21 -28 HOUSTON G $12,400 5.00% Maritime 13-Apr-20 30-Sep-21 Ltd., Bermuda 2009 177,729 Singapore29 NEW YORK G $15,500 5.00% Marine Pte. 7-Jun-19 29-Dec-20 LTD., Singapore EGPN Bulk $14,000 5.00% Carrier Co., 29-Dec-20 16-Apr-22 - Limited, Hong 30-Jun-22 Kong 2010 177,773 Pacbulk30 SEATTLE H $12,300 5.00% Shipping Pte. 27-Apr-20 1-Oct-21 - Ltd., 31-Dec-21 Singapore 2011 179,362 C Transport 9-Apr-21 -31 P. S. PALIOS H $12,050 5.00% Maritime 24-Mar-20 24-Jun-21 Ltd., Bermuda 2013 179,134 G. P. Koch Shipping 1-Oct-21 -32 ZAFIRAKIS I $13,200 5.00% Pte. Ltd., 31-May-20 31-Dec-21 Singapore 2014 179,492 Pacbulk33 SANTA I $17,250 5.00% Shipping Pte. 28-Dec-19 9-Jan-21 BARBARA Ltd., Singapore Cargill 5-Jan-22 - $17,250 4.75% International 9-Jan-21 5-Mar-22 S.A., Geneva 2015 179,426 Cargill34 NEW ORLEANS $15,000 4.75% International 10-Apr-19 12-Nov-20 11 S.A., Geneva Nippon Yusen 25-Jan-22 - $15,500 5.00% Kabushiki 3-Dec-20 25-Mar-22 Kaisha 2015 180,960 4 Newcastlemax Bulk Carriers Engelhart CTP35 LOS ANGELES J $14,250 5.00% Freight 6-Jun-20 1-Oct-21 - (Switzerland) 31-Dec-21 SA 2012 206,104 BHP Billiton36 PHILADELPHIA J $14,500 5.00% Freight 5-Feb-20 5-Apr-21 - Singapore 5-Jul-21 Pte. Ltd 2012 206,040 SAN Koch Shipping37 FRANCISCO K $16,000 5.00% Pte. Ltd., 5-Mar-19 11-Feb-21 12,13 Singapore 2017 208,006 Koch Shipping 16-Oct-21 -38 NEWPORT NEWS K $18,400 5.00% Pte. Ltd., 8-Sep-20 30-Dec-21 Singapore 2017 208,021 * Each dry bulk carrier is a "sister ship", or closely similar, to other drybulk carriers that have the same letter.** Total commission percentage paid to third parties.*** In case of newly acquired vessel with time charter attached, this daterefers 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 theCharterers? option, but subject to the terms, conditions, and exceptions of theparticular charterparty.

1 Vessel sold and expected to be delivered to her new Owners at the latest byApril 16, 2021.2 Based on latest information.3 The compensation for the overlapping period from December 31, 2020 untilJanuary 22, 2021, which is beyond the maximum contractual period, is stillpending to be agreed between Owners and Uniper Global Commodities SE,Dsseldorf.4 Redelivery date based on an estimated time charter trip duration of about 50days.5 "Coronis" sold and delivered to her new owners on January 13, 2021.6 Charter includes a one time ballast bonus payment of US$500,000.7 Vessel on scheduled drydocking from October 24, 2020 to November 30, 2020.8 Charterers have agreed to pay the average of the daily published rates forp3a-82 route of the baltic panamax index for the days that index was published(i.e. 21/12-24/12 and 04/12) for the excess period commencing from December 21,2020.9 "Sideris GS" sold and delivered to her new owners on January 20, 2021.10 The compensation for the overlapping period from December 31, 2020 untilJanuary 15, 2021, which is beyond the maximum contractual period, is stillpending to be agreed between Owners and Oldendorff Carriers GMBH & Co. KG,Lbeck, Germany.11 Vessel on scheduled drydocking from November 12, 2020 to December 3, 2020.12 Charterers have agreed to pay US$18,000 per day, for the excess periodcommencing from January 20, 2021 till February 11, 2021.13 Currently without an active charterparty.

Summary of Selected Financial & Other Data (unaudited) Three months ended Year ended December 31, December 31, 2020 2019 2020 2019 STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) Time charter $ 42,657 $ 51,508 $ 169,733 $ 220,728 revenues Voyage expenses 3,020 4,488 13,525 13,542 Vessel operating 22,407 23,368 85,847 90,600 expenses Net income/(loss) (7,430 ) (13,981 ) (134,197 ) (10,535 ) Net income/(loss) attributed to common (8,872 ) (15,423 ) (139,966 ) (16,304 ) stockholdersFLEET DATA Average number of 40.0 42.6 40.8 45.0 vessels Number of vessels 40.0 42.0 40.0 42.0 Weighted average age 10.2 9.5 10.2 9.5 of vessels Ownership days 3,680 3,915 14,931 16,442 Available days 3,623 3,834 14,318 16,192 Operating days 3,610 3,716 14,020 15,971 Fleet utilization 99.6 % 96.9 % 97.9 % 98.6 %AVERAGE DAILY RESULTS Time charter equivalent (TCE) $ 10,940 $ 12,264 $ 10,910 $ 12,796 rate (1) Daily vessel operating expenses $ 6,089 $ 5,969 $ 5,750 $ 5,510 (2)

Non-GAAP Measures

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 our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a(1) 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. Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance,(2) 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 Companys management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Monday, February 22, 2021.

Investors may access the webcast by visiting the Companys website at www.dianashippinginc.com, and clicking on the webcast link. 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 13715849.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Companys vessels are employed primarily on medium to long-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 managements examination of historical operating trends, data contained in the Companys 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 Companys 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 Companys view, could cause actual results to differ materially from those discussed in the forward-looking statements include the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses and governments responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; 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 Companys operating expenses, including bunker prices, drydocking and insurance costs, the market for the Companys 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, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Companys 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)

DIANA SHIPPING INC.FINANCIAL TABLESExpressed in thousands of U.S. Dollars, except share and per share data UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

Three months ended December Year ended December 31, 31, 2020 2019 2020 2019REVENUES: (audited) Time charter $ 42,657 $ 51,508 $ 169,733 $ 220,728 revenuesEXPENSES: Voyage 3,020 4,488 13,525 13,542 expenses Vessel operating 22,407 23,368 85,847 90,600 expenses Depreciation and amortization 10,309 12,063 42,991 48,904 of deferred charges General and administrative 7,030 7,819 32,778 28,601 expenses Management fees to 506 589 2,017 2,155 related party Vessel impairment 1,869 6,467 104,395 13,987 charges Loss on sale - 3,336 1,085 6,171 of vessels Other income (359 ) (298 ) (230 ) (854 ) Operating $ (2,125 ) $ (6,324 ) $ (112,675 ) $ 17,622 income/(loss) OTHER INCOME / (EXPENSES): Interest expense and (4,632 ) (6,722 ) (21,514 ) (29,432 ) finance costs Interest and 35 602 728 2,858 other income Gain on extinguishment - - 374 - of debt Loss from related party (708 ) (1,537 ) (1,110 ) (1,583 ) investments Total other $ (5,305 ) $ (7,657 ) $ (21,522 ) $ (28,157 ) expenses, net Net loss $ (7,430 ) $ (13,981 ) $ (134,197 ) $ (10,535 )Dividends onseries B (1,442 ) (1,442 ) (5,769 ) (5,769 )preferred sharesNet lossattributed to (8,872 ) (15,423 ) (139,966 ) (16,304 )commonstockholdersLoss per commonshare, basic and $ (0.10 ) $ (0.17 ) $ (1.62 ) $ (0.17 )dilutedWeighted averagenumber of common 86,799,922 90,017,536 86,143,556 95,191,116 shares, basic anddiluted Three months ended December Year ended December 31, 31, 2020 2019 2020 2019 (audited)Net loss $ (7,430 ) $ (13,981 ) $ (134,197 ) $ (10,535 )Othercomprehensive (20 ) (151 ) (40 ) (178 )loss (Actuarialloss)Comprehensive $ (7,450 ) $ (14,132 ) $ (134,237 ) $ (10,713 )loss

CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands of U.S. Dollars) December 31, December 31, 2020 2019*ASSETS (unaudited) Cash, cash equivalents and restricted $ 82,909 $ 128,288cashOther current assets 41,752 29,751Vessels, net 716,178 882,297Other fixed assets, net 21,704 22,077Investments in related parties - 1,680Other non-current assets 9,867 7,187 Total assets $ 872,410 $ 1,071,280 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term debt, net of deferred $ 420,314 $ 474,951financing costsOther liabilities 23,526 26,265Total stockholders' equity 428,570 570,064 Total liabilities and stockholders' $ 872,410 $ 1,071,280 equity * The balance sheet data have been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (unaudited) Three months ended Year ended December 31, December 31, 2020 2019 2020 2019 (audited)Net cash provided by $ 5,927 $ 5,407 $ 17,234 $ 49,882 operating activitiesNet cash provided by/(used in) investing (1,114 ) 6,013 10,484 38,397 activitiesNet cash used in $ (12,290 ) $ (32,486 ) $ (73,097 ) $ (111,398 )financing activities

Corporate Contact:Ioannis ZafirakisDirector, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer and SecretaryTelephone: + 30-210-9470100Email: izafirakis@dianashippinginc.comWebsite: www.dianashippinginc.com

Investor and Media Relations:Edward NebbComm-Counsellors, LLCTelephone: + 1-203-972-8350Email: enebb@optonline.net