GlobeNewswire Inc | May 21, 2021 08:12AM EDT

May 21, 2021

ATHENS, Greece, May 21, 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 $1.3 million and net loss attributed to common stockholders of $2.7 million for the first quarter of 2021. This compares to a net loss of $102.8 million and net loss attributed to common stockholders of $104.3 million reported in the first quarter of 2020, including a $93.1 million impairment loss. Loss per share for the first quarter of 2021 was $0.03 compared to loss per share of $1.21 in the same quarter in 2020.

Time charter revenues were $41.1 million for the first quarter of 2021, compared to $43.8 million for the same quarter of 2020. The decrease in time charter revenues was due to the decreased ownership days compared to the prior year period, resulting from the sale of vessels. This decrease was partly offset by increased average time charter rates that the Company achieved for its vessels during the quarter and a better utilization rate.

Fleet Employment Profile (As of May 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)

11 Panamax Bulk Carriers Phaethon OCEANIS $9,200 5.00% International 9-Jan-20 27-Feb-21 1 Company AG 2001 75,211 Phaethon1 PROTEFS A $9,900 5.00% International 30-Nov-19 8-Feb-21 Company AG Reachy 10-Mar-22 $10,650 5.00% International 8-Feb-21 - (HK) Co., 20-May-22 Limited 2004 73,630 Uniper Global2 CALIPSO A $8,250 5.00% Commodities 13-Apr-20 22-Jan-21 2 SE, Dsseldorf Viterra $10,400 5.00% Chartering 22-Jan-21 1-Oct-21 - B.V., 15-Dec-21 Rotterdam 2005 73,691 Phaethon3 NAIAS A $10,000 5.00% International 26-Jan-19 27-Jan-21 Company AG Cargill $11,000 4.75% International 27-Jan-21 17-May-21 3 S.A., Geneva $25,000 5.00% Nasshipping 17-May-21 6-Jun-21 - 4 Inc. 16-Jun-21 2006 73,546 Koch Shipping CORONIS $8,000 5.00% Pte. Ltd., 20-Feb-20 31-Dec-20 5 Singapore 2006 74,381 Ausca 31-May-214 MELIA $10,000 5.00% Shipping 20-Aug-20 - 6,7 Limited, Hong 20-Jun-21 Kong 2005 76,225 Glencore5 ARTEMIS $10,250 5.00% Agriculture 30-Nov-20 5-Jan-22 - B.V., 30-Mar-22 Rotterdam 2006 76,942 Cargill 15-Jul-216 LETO $9,000 4.75% International 21-May-20 - S.A., Geneva 30-Sep-21 2010 81,297 ST Shipping7 SELINA B $11,000 5.00% and Transport 5-Jul-20 5-Jul-21 - Pte. Ltd., 5-Sep-21 Singapore 2010 75,700 Ausca8 MAERA B $8,600 5.00% Shipping 11-Jun-20 1-Jul-21 - Limited, Hong 30-Sep-21 Kong 2013 75,403 Phaethon9 ISMENE $10,800 5.00% International 10-Jan-20 11-Mar-21 Company AG Tongli 15-Oct-21 $16,500 5.00% Shipping Pte. 11-Mar-21 - Ltd. 15-Dec-21 2013 77,901 Glencore10 CRYSTALIA C $8,750 5.00% Agriculture 22-May-20 1-Jul-21 - B.V., 30-Sep-21 Rotterdam 2014 77,525 Uniper Global 14-Jul-2111 ATALANDI C $9,300 5.00% Commodities 14-Jun-20 - SE, 14-Oct-21 Dsseldorf 2014 77,529 5 Kamsarmax Bulk Carriers Aquavita 31-May-2112 MAIA D $11,200 5.00% International 31-Jan-20 - 7 S.A. 15-Jun-21 2009 82,193 Ausca13 MYRSINI D $11,500 5.00% Shipping 4-Dec-19 11-May-21 Limited, Hong Kong Bocimar 15-Oct-21 $27,750 5.00% International 11-May-21 - N.V. 30-Nov-21 2010 82,117 Cargill 10-Jan-2214 MEDUSA D $11,000 4.75% International 19-Nov-20 - S.A., Geneva 20-Mar-22 2010 82,194 Cargill 1-Jul-21 -15 MYRTO D $10,000 4.75% International 3-Apr-20 15-Sep-21 S.A., Geneva 2013 82,131 Aquavita16 ASTARTE $11,750 5.00% International 18-Jan-20 20-May-21 8 S.A. $25,000 5.00% Mitsui O.S.K. 20-May-21 1-Nov-21 - 9 Lines Ltd. 15-Dec-21 2013 81,513 5 Post-Panamax Bulk Carriers Cargill 30-May-2117 ALCMENE $8,500 4.75% International 2-Apr-20 - 2-Jul-21 7 S.A., Geneva 2010 93,193 SwissMarine 1-Jun-21 -18 AMPHITRITE E $10,250 5.00% Pte. Ltd., 21-Mar-20 21-Jun-21 7 Singapore 2012 98,697 CLdN 15-Oct-2119 POLYMNIA E $12,100 5.00% Cobelfret SA, 22-Nov-20 - Luxembourg 25-Dec-21 2012 98,704 Oldendorff Carriers GMBH20 ELECTRA F $10,250 5.00% & Co. KG, 21-Nov-19 4-Jan-21 10 Lbeck, Germany SwissMarine $12,500 5.00% Pte. Ltd., 4-Jan-21 23-Mar-21 Singapore Refined $23,500 5.00% Success 23-Mar-21 28-Apr-21 Limited Tongli 10-Feb-22 $21,000 5.00% Shipping Pte. 28-Apr-21 - Ltd. 10-Apr-22 2013 87,150 Uniper Global21 PHAIDRA F $9,400 5.00% Commodities 29-May-20 1-Jun-21 - 7 SE, 29-Jul-21 Dsseldorf 2013 87,146 12 Capesize Bulk Carriers Koch Shipping22 ALIKI $11,300 5.00% Pte. Ltd., 23-Apr-20 18-Mar-21 11 Singapore Solebay Shipping Cape 15-Jan-22 $20,500 5.00% Company 18-Mar-21 - Limited, Hong 15-Mar-22 Kong 2005 180,235 Koch Shipping 20-Jul-2123 BALTIMORE $13,000 5.00% Pte. Ltd., 21-Dec-20 - 5-Oct-21 Singapore 2005 177,243 SALT LAKE Cargill24 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 12,13 Lbeck, Germany 2006 174,186 Cargill25 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 2-Jun-21 -26 BOSTON G $15,300 5.00% & Co. KG, 7-Jun-19 30-Jun-21 7 Lbeck, Germany 2007 177,828 C Transport 1-Jul-21 -27 HOUSTON G $12,400 5.00% Maritime 13-Apr-20 30-Sep-21 Ltd., Bermuda 2009 177,729 EGPN Bulk 16-Apr-2228 NEW YORK G $14,000 5.00% Carrier Co., 29-Dec-20 - Limited, Hong 30-Jun-22 Kong 2010 177,773 Pacbulk29 SEATTLE H $12,300 5.00% Shipping Pte. 27-Apr-20 1-Oct-21 - 14 Ltd., 31-Dec-21 Singapore 2011 179,362 C Transport 2-Jun-21 -30 P. S. PALIOS H $12,050 5.00% Maritime 24-Mar-20 24-Jun-21 7 Ltd., Bermuda 2013 179,134 G. P. Koch Shipping 1-Oct-21 -31 ZAFIRAKIS I $13,200 5.00% Pte. Ltd., 31-May-20 31-Dec-21 Singapore 2014 179,492 Pacbulk32 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 Nippon Yusen 25-Jan-2233 NEW ORLEANS $15,500 5.00% Kabushiki 3-Dec-20 - Kaisha 25-Mar-22 2015 180,960 4 Newcastlemax Bulk Carriers Engelhart CTP34 LOS ANGELES J $14,250 5.00% Freight 6-Jun-20 1-Oct-21 - (Switzerland) 31-Dec-21 SA 2012 206,104 BHP Billiton35 PHILADELPHIA J $14,500 5.00% Freight 5-Feb-20 22-Apr-21 Singapore Pte. Ltd $28,500 5.00% Classic 22-Apr-21 1-Mar-22 - Maritime Inc. 1-May-22 2012 206,040 SAN Koch Shipping36 FRANCISCO K $16,000 5.00% Pte. Ltd., 5-Mar-19 11-Feb-21 15 Singapore $17,750 5.00% Olam 11-Feb-21 27-May-21 International 15-Jan-22 $24,700 5.00% Limited, 27-May-21 - Singapore 15-Mar-22 2017 208,006 Koch Shipping 16-Oct-2137 NEWPORT NEWS K $18,400 5.00% Pte. Ltd., 8-Sep-20 - Singapore 30-Dec-21 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 atthe Charterers? option, but subject to the terms, conditions, and exceptions ofthe particular charterparty.

^1 "Oceanis" sold and delivered to her new owners on March 15, 2021.^2 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.^3 Vessel sold and expected to be delivered to her new owners at the latest byJuly 30, 2021.^4 Redelivery date based on an estimated time charter trip duration of about20-30 days.^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 Based on latest information.^8 Expected redelivery date from the charterers.^9 Expected delivery date to the charterers.^10 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 till January 4, 2021.^11 The compensation for the overlapping period from March 15, 2021 until theactual redelivery date, which is beyond the maximum contractual period, isstill pending to be agreed between Owners and Koch Shipping Pte. Ltd.,Singapore.^12 "Sideris GS" sold and delivered to her new owners on January 20, 2021.^13 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.^14 Vessel currently off-hire for drydocking.^15 Charterers have agreed to pay US$18,000 per day, for the excess periodcommencing from January 20, 2021 until February 11, 2021.

Summary of Selected Financial & Other Data (unaudited) Three months ended March 31, 2021 2020 STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) Time charter revenues $ 41,051 $ 43,760 Voyage expenses 1,780 3,734 Vessel operating expenses 18,552 21,317 Net loss (1,295 ) (102,823 ) Net loss attributed to common stockholders (2,737 ) (104,265 )FLEET DATA Average number of vessels 38.2 41.8 Number of vessels 37.0 41.0 Weighted average age of vessels 10.1 9.5 Ownership days 3,434 3,801 Available days 3,434 3,518 Operating days 3,387 3,391 Fleet utilization 98.6 % 96.4 %AVERAGE DAILY RESULTS Time charter equivalent (TCE) rate (1) $ 11,436 $ 11,377 Daily vessel operating expenses (2) $ 5,402 $ 5,608

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 Friday, May 21, 2021.

Investors may access the webcast by visiting the Companys 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 Companys 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 13719492.

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 LOSS Three months ended March 31, 2021 2020 REVENUES: Time charter revenues $ 41,051 $ 43,760 EXPENSES: Voyage expenses 1,780 3,734 Vessel operating expenses 18,552 21,317 Depreciation and amortization of 10,049 11,547 deferred charges General and administrative expenses 6,697 9,546 Management fees to related party 449 517 Vessel impairment charges - 93,137 Loss on sale of vessels 206 1,078 Other income (106 ) (241 ) Operating income/(loss) $ 3,424 $ (96,875 ) OTHER INCOME / (EXPENSES): Interest expense and finance costs (4,636 ) (6,354 ) Interest income 28 436 Loss from equity method investment (111 ) (30 ) Total other expenses, net $ (4,719 ) $ (5,948 ) Net loss $ (1,295 ) $ (102,823 )Dividends on series B preferred shares (1,442 ) (1,442 )Net loss attributed to common stockholders (2,737 ) (104,265 )Loss per common share, basic and diluted $ (0.03 ) $ (1.21 )Weighted average number of common shares, 83,572,221 86,473,606 basic and diluted Three months ended March 31, 2021 2020 Net loss $ (1,295 ) $ (102,823 )Other comprehensive loss (Actuarial loss) - (7 )Comprehensive loss $ (1,295 ) $ (102,830 )

CONDENSED CONSOLIDATED BALANCE SHEET DATA(in thousands of U.S. Dollars) March 31, December 31, 2021 2020*ASSETS (unaudited) Cash, cash equivalents and restricted $ 86,035 $ 82,909 cashOther current assets 27,383 41,752 Vessels, net 698,693 716,178 Other fixed assets, net 21,700 21,704 Other non-current assets 8,893 9,867 Total assets $ 842,704 $ 872,410 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term debt, net of deferred $ 411,445 $ 420,314 financing costsOther liabilities 19,162 23,526 Total stockholders' equity 412,097 428,570 Total liabilities and $ 842,704 $ 872,410 stockholders' equity * The balance sheet data have been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (unaudited) Three months ended March 31, 2021 2020 Net cash provided by operating activities $ 6,419 $ 7,290 Net cash provided by/(used in) investing 22,558 (1,164 )activitiesNet cash used in financing activities $ (25,851 ) $ (23,214 )

Corporate Contact:Ioannis ZafirakisDirector, 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