GlobeNewswire Inc | Aug 3, 2021 08:33AM EDT

August 03, 2021

ATHENS, Greece, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the Company), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $2.8 million and net income attributed to common stockholders of $1.4 million for the second quarter of 2021. This compares to a net loss of $10.8 million and net loss attributed to common stockholders of $12.2 million, including a $2.6 million impairment loss, reported in the second quarter of 2020.

Time charter revenues were $47.0 million for the second quarter of 2021, compared to $41.0 million for the same quarter of 2020. The increase in time charter revenues was mainly 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 decreased ownership days compared to last year, resulting from the sale of vessels.

Net income for the six months ended June 30, 2021 amounted to $1.5 million and net loss attributed to common stockholders amounted to $1.4 million. This compares to a net loss of $113.6 million and net loss attributed to common stockholders of $116.5 million, including a $95.7 million impairment loss and $1.1 million loss from sale of vessels, for the same period of 2020. Time charter revenues were $88.1 million for the first half of 2021, compared to $84.7 million for the same period of 2020.

Fleet Employment Profile (As of August 02, 2021) Diana Shipping Inc.?s fleet is employed as follows: Vessel Gross Sister Rate Delivery Date Redelivery BUILT Ships* (USD Com** Charterers to Date to Notes DWT Per Charterers*** Owners**** Day) 10 Panamax Bulk Carriers Reachy 10-Mar-221 PROTEFS A $10,650 5.00 % International 8-Feb-21 - (HK) Co., 20-May-22 Limited 2004 73,630 Viterra2 CALIPSO A $10,400 5.00 % Chartering 22-Jan-21 1-Oct-21 - B.V., 15-Dec-21 Rotterdam 2005 73,691 Cargill- NAIAS A $11,000 4.75 % International 27-Jan-21 17-May-21 S.A., Geneva $25,000 5.00 % Nasshipping 17-May-21 21-Jun-21 Inc. AS Klaveness $23,250 5.00 % Chartering, 21-Jun-21 19-Jul-21 1 Oslo 2006 73,546 Ausca3 MELIA $10,000 5.00 % Shipping 20-Aug-20 11-Jun-21 2 Limited, Hong Kong Viterra $25,750 5.00 % Chartering 11-Jun-21 7-Apr-22 - B.V., 7-Jun-22 Rotterdam 2005 76,225 Glencore4 ARTEMIS $10,250 5.00 % Agriculture 30-Nov-20 5-Jan-22 - B.V., 30-Mar-22 Rotterdam 2006 76,942 Cargill 8-Aug-21 -5 LETO $9,000 4.75 % International 21-May-20 30-Sep-21 3 S.A., Geneva 2010 81,297 ST Shipping6 SELINA B $11,000 5.00 % and Transport 5-Jul-20 7-Aug-21 - 3 Pte. Ltd., 7-Sep-21 Singapore 2010 75,700 Ausca7 MAERA B $8,600 5.00 % Shipping 11-Jun-20 8-Aug-21 - 3 Limited, Hong 3-Oct-21 Kong 2013 75,403 Tongli 15-Oct-218 ISMENE $16,500 5.00 % Shipping Pte. 11-Mar-21 - Ltd. 15-Dec-21 2013 77,901 Glencore9 CRYSTALIA C $8,750 5.00 % Agriculture 22-May-20 9-Aug-21 - 3 B.V., 30-Sep-21 Rotterdam 2014 77,525 Uniper Global 10-Aug-2110 ATALANDI C $9,300 5.00 % Commodities 14-Jun-20 - 3 SE, 14-Oct-21 Dsseldorf 2014 77,529 6 Kamsarmax Bulk Carriers Aquavita11 MAIA D $11,200 5.00 % International 31-Jan-20 20-Jun-21 4 S.A. Viterra $25,000 5.00 % Chartering 20-Jun-21 1-May-22 - B.V., 30-Jun-22 Rotterdam 2009 82,193 Ausca12 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-2213 MEDUSA D $11,000 4.75 % International 19-Nov-20 - S.A., Geneva 20-Mar-22 2010 82,194 Cargill 11-Aug-2114 MYRTO D $10,000 4.75 % International 3-Apr-20 - 3 S.A., Geneva 15-Sep-21 2013 82,131 Aquavita15 ASTARTE $11,750 5.00 % International 18-Jan-20 20-May-21 S.A. $25,000 5.00 % Mitsui O.S.K. 20-May-21 1-Nov-21 - Lines Ltd. 15-Dec-21 2013 81,51316 MAGNOLIA - - - - - - - 5 tbr. LEONIDAS P. C. 2011 82,165 5 Post-Panamax Bulk Carriers Cargill17 ALCMENE $8,500 4.75 % International 2-Apr-20 28-Jul-21 6 S.A., Geneva Refined $25,500 5.00 % Success 28-Jul-21 30-Oct-21 Limited 2010 93,193 SwissMarine18 AMPHITRITE E $10,250 5.00 % Pte. Ltd., 21-Mar-20 6-Jun-21 Singapore Jera Global $30,000 5.00 % Markets Pte. 6-Jun-21 2-Jul-21 7 Ltd. Jera Global $30,250 5.00 % Markets Pte. 23-Jul-21 6-Sep-21 8 Ltd. 2012 98,697 CLdN 15-Oct-2119 POLYMNIA E $12,100 5.00 % Cobelfret SA, 22-Nov-20 - 9 Luxembourg 25-Dec-21 2012 98,704 Refined20 ELECTRA F $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 15-Jul-21 SE, Dsseldorf Refined $27,000 5.00 % Success 15-Jul-21 19-Aug-21 10 Limited 2013 87,146 12 Capesize Bulk Carriers Solebay Shipping Cape 15-Jan-2222 ALIKI $20,500 5.00 % Company 18-Mar-21 - Limited, Hong 15-Mar-22 Kong 2005 180,235 Koch Shipping 11-Aug-2123 BALTIMORE $13,000 5.00 % Pte. Ltd., 21-Dec-20 - 5-Oct-21 3 Singapore 2005 177,243 SALT LAKE C Transport 1-Apr-22 -24 CITY $13,000 5.00 % Maritime 9-Jan-21 30-Jun-22 Ltd., Bermuda 2005 171,810 SwissMarine 5-Oct-21 -25 SEMIRIO G $13,500 5.00 % Pte. Ltd., 1-Jan-21 20-Dec-21 Singapore 2007 174,261 Oldendorff Carriers GMBH26 BOSTON G $15,300 5.00 % & Co. KG, 7-Jun-19 16-Jun-21 Lbeck, Germany C Transport 15-Apr-22 $25,500 5.00 % Maritime 16-Jun-21 - Ltd., Bermuda 15-Jun-22 2007 177,828 C Transport 10-Aug-2127 HOUSTON G $12,400 5.00 % Maritime 13-Apr-20 - 3 Ltd., Bermuda 30-Sep-21 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 - 11 Ltd., 20-Feb-22 Singapore 2011 179,362 C Transport30 P. S. PALIOS H $12,050 5.00 % Maritime 24-Mar-20 5-Jun-21 Ltd., Bermuda Olam 15-Feb-22 $26,500 4.75 % International 5-Jun-21 - Limited, 15-Apr-22 Singapore 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 SANTA Cargill 5-Jan-22 -32 BARBARA I $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 Olam36 SAN K $17,750 5.00 % International 11-Feb-21 27-May-21 FRANCISCO Limited, Singapore 15-Jan-22 $24,700 5.00 % 27-May-21 - 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 at theCharterers? option, but subject to the terms, conditions, and exceptions of theparticular charterparty.

1 Vessel sold delivered to her new owners on July 30, 2021.2 Charter included a one time ballast bonus payment of US$500,000.3 Based on latest information.4 Charterers have agreed to pay US$30,664 per day, for the excess periodcommencing from June 15, 2021 till June 20, 2021.5 Expected date of delivery to the Company on February 28, 2022.6 Charterers have agreed to pay the weighted average of the Baltic Panamax 5 T/C routes, as published by the Baltic Exchange on July 2, 2021 for the excessperiod commencing from July 2, 2021 till July 28, 2021.7 Vessel on scheduled drydocking from July 2, 2021 to July 23, 2021.8 Redelivery date based on an estimated time charter trip duration of about 45days.9 Vessel currently off hire for drydocking.10 Redelivery date based on an estimated time charter trip duration of about 35days.11 Vessel on scheduled drydocking from April 10, 2021 to May 30, 2021.

Summary of Selected Financial & Other Data (unaudited) Three months ended June Six months ended June 30, 30, 2021 2020 2021 2020 STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) Time charter revenues $ 47,023 $ 40,975 $ 88,074 $ 84,735 Voyage expenses 2,292 3,827 4,072 7,561 Vessel operating 19,179 20,806 37,731 42,123 expenses Net income/(loss) 2,815 (10,794 ) 1,520 (113,617 ) Net income/(loss) attributed to common 1,373 (12,236 ) (1,364 ) (116,501 ) stockholdersFLEET DATA Average number of 37.0 41.0 37.6 41.4 vessels Number of vessels 37.0 41.0 37.0 41.0 Weighted average age 10.4 9.5 10.4 9.5 of vessels Ownership days 3,367 3,731 6,801 7,532 Available days 3,319 3,507 6,753 7,025 Operating days 3,305 3,446 6,692 6,838 Fleet utilization 99.6 % 98.3 % 99.1 % 97.3 %AVERAGE DAILY RESULTS Time charter equivalent (TCE) rate $ 13,477 $ 10,593 $ 12,439 $ 10,986 (1) Daily vessel operating expenses $ 5,696 $ 5,577 $ 5,548 $ 5,593 (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 Tuesday, August 3, 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 13721321.

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 June 30, Six months ended June 30, 2021 2020 2021 2020 REVENUES: Time charter $ 47,023 $ 40,975 $ 88,074 $ 84,735 revenuesEXPENSES: Voyage 2,292 3,827 4,072 7,561 expenses Vessel operating 19,179 20,806 37,731 42,123 expenses Depreciation and amortization 10,092 11,737 20,141 23,284 of deferred charges General and administrative 7,211 6,739 13,909 16,285 expenses Management fees to 405 497 854 1,014 related party Vessel impairment - 2,556 - 95,693 charges Loss on sale (2 ) - 203 1,078 of vessels Other loss/ 102 99 (4 ) (142 ) (income) Operating $ 7,744 $ (5,286 ) $ 11,168 $ (102,161 ) income/(loss) OTHER INCOME / (EXPENSES): Interest expense and (4,706 ) (5,655 ) (9,342 ) (12,009 ) finance costs Interest 22 203 50 639 income Loss on extinguishment (158 ) - (158 ) - of debt Loss from equity method (87 ) (56 ) (198 ) (86 ) investment Total other $ (4,929 ) $ (5,508 ) $ (9,648 ) $ (11,456 ) expenses, net Net income/(loss) $ 2,815 $ (10,794 ) $ 1,520 $ (113,617 )Dividends onseries B (1,442 ) (1,442 ) (2,884 ) (2,884 )preferred sharesNet income/(loss)attributed to 1,373 (12,236 ) (1,364 ) (116,501 )commonstockholdersEarnings/(loss)per common share, $ 0.02 $ (0.14 ) $ (0.02 ) $ (1.35 )basic and dilutedWeighted averagenumber of common 82,020,353 85,552,271 82,792,000 86,012,939 shares, basic Weighted averagenumber of common 85,576,754 85,552,271 82,792,000 86,012,939 shares, diluted Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Net income/(loss) $ 2,815 $ (10,794 ) $ 1,520 $ (113,617 )Othercomprehensive - (6 ) - (13 )loss (Actuarialloss)Comprehensive $ 2,815 $ (10,800 ) $ 1,520 $ (113,630 )income/(loss)

CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands of U.S. Dollars) June 30, December 31, 2020 2021 *ASSETS (unaudited) Cash, cash equivalents and restricted cash $ 154,995 $ 82,909Other current assets 23,597 41,752Vessels, net 690,819 716,178Other fixed assets, net 21,629 21,704Other non-current assets 8,594 9,867 Total assets $ 899,634 $ 872,410 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term debt, net of deferred financing $ 461,515 $ 420,314costsOther liabilities 22,386 23,526Total stockholders' equity 415,733 428,570 Total liabilities and stockholders' $ 899,634 $ 872,410 equity * The balance sheet data have been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (unaudited) Three months ended June Six months ended 30, June 30, 2021 2020 2021 2020 Net cash provided by $ 21,023 $ 4,447 $ 27,442 $ 11,737 operating activitiesNet cash provided by/(used (483 ) (1,100 ) 22,075 (2,264 )in) investing activitiesNet cash provided by/(used $ 48,420 $ (12,857 ) $ 22,569 $ (36,071 )in) financing activities

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