GlobeNewswire Inc | Nov 23, 2020 08:23AM EST

November 23, 2020

ATHENS, Greece, Nov. 23, 2020 (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 $13.2 million and a net loss attributed to common stockholders of $14.6 million for the third quarter of 2020, including a $6.8 million impairment loss which resulted from the agreement to sell the vessels Sideris G.S. and Coronis. This compares to net income of $1.8 million and net income attributed to common stockholders of $0.3 million reported in the third quarter of 2019.

Time charter revenues were $42.3 million for the third quarter of 2020, compared to $53.5 million for the same period of 2019. The decrease in time charter revenues was mainly due to the decrease in ownership days resulting from the sale of six vessels in 2019 and 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 the nine months ended September 30, 2020 amounted to $126.8 million and net loss attributed to common stockholders amounted to $131.1 million, including a $102.5 million impairment loss and $1.1 million loss on sale of vessels. This compares to net income of $3.4 million and net loss attributed to common stockholders of $0.9 million for the same period of 2019 including a $7.5 million impairment loss and $2.8 million loss on sale of vessels. Time charter revenues were $127.1 million for the nine months ended September 30, 2020, compared to $169.2 million for the same period of 2019.

Fleet Employment Profile (As of November 20, 2020) Diana Shipping Inc.?s fleet is employed as follows: Gross Vessel Sister Rate Delivery Date Redelivery Ships* (USD Charterers to Date to Notes Per Charterers*** Owners**** BUILT DWT Day)

13 Panamax Bulk Carriers Phaethon 9-Jan-211 OCEANIS $9,200 5.00% International 9-Jan-20 - Company AG 24-Mar-21 2001 75,211 Phaethon 1-Jan-212 PROTEFS A $9,900 5.00% International 30-Nov-19 - 1,2 Company AG 31-Mar-21 2004 73,630 Uniper Global 2-Dec-203 CALIPSO A $8,250 5.00% Commodities 28-May-20 - 3 SE, 31-Dec-20 Dsseldorf 2005 73,691 Phaethon 26-Dec-204 NAIAS A $10,000 5.00% International 26-Jan-19 - Company AG 10-Apr-21 2006 73,546 Oldendorff- ARETHUSA A $5,500 5.00% GmbH & Co. 1-Jun-20 29-Jul-20 4 KG, Luebeck 2007 73,593 Koch Shipping 4-Dec-205 CORONIS $8,000 5.00% Pte. Ltd., 20-Feb-20 - 3,5 Singapore 22-Dec-20 2006 74,381 Cargill6 MELIA $10,750 4.75% International 13-Feb-20 28-Apr-20 6 S.A., Geneva Ausca 5-Apr-21 $10,000 5.00% Shipping 20-Aug-20 - 7 Limited, Hong 20-Jun-21 Kong 2005 76,225 Koch Shipping7 ARTEMIS $10,150 5.00% Pte. Ltd., 28-Nov-19 24-Oct-20 8 Singapore 2006 76,942 Cargill 15-Jul-218 LETO $9,000 4.75% International 21-May-20 - S.A., Geneva 30-Sep-21 2010 81,297 ST Shipping 5-Jul-219 SELINA B $11,000 5.00% and Transport 5-Jul-20 - Pte. Ltd., 5-Sep-21 Singapore 2010 75,700 Ausca 1-Jul-2110 MAERA B $8,600 5.00% Shipping 11-Jun-20 - Limited, Hong 30-Sep-21 Kong 2013 75,403 Phaethon 10-Feb-2111 ISMENE $10,800 5.00% International 10-Jan-20 - Company AG 25-Apr-21 2013 77,901 Glencore 1-Jul-2112 CRYSTALIA C $8,750 5.00% Agriculture 22-May-20 - B.V., 30-Sep-21 Rotterdam 2014 77,525 Uniper Global 14-Jul-2113 ATALANDI C $9,300 5.00% Commodities 14-Jun-20 - SE, 14-Oct-21 Dsseldorf 2014 77,529 5 Kamsarmax Bulk Carriers Aquavita 31-Mar-2114 MAIA D $11,200 5.00% International 31-Jan-20 - S.A. 15-Jun-21 2009 82,193 Ausca 4-Jan-2115 MYRSINI D $11,500 5.00% Shipping 4-Dec-19 - Limited, Hong 19-Mar-21 Kong 2010 82,117 16 MEDUSA D $11,000 4.75% Cargill 16-Nov-19 19-Nov-20 International 10-Jan-22 $11,000 4.75% S.A., Geneva 19-Nov-20 - 20-Mar-22 2010 82,194 Cargill 1-Jul-2117 MYRTO D $10,000 4.75% International 3-Apr-20 - S.A., Geneva 15-Sep-21 2013 82,131 Aquavita 18-Mar-2118 ASTARTE $11,750 5.00% International 18-Jan-20 - S.A. 2-Jun-21 2013 81,513 5 Post-Panamax Bulk Carriers Cargill 17-Apr-2119 ALCMENE $8,500 4.75% International 1-Jun-20 - S.A., Geneva 2-Jul-21 2010 93,193 SwissMarine 6-Apr-2120 AMPHITRITE E $10,250 5.00% Pte. Ltd., 21-Mar-20 - Singapore 21-Jun-21 2012 98,697 Cargill21 POLYMNIA E $11,000 4.75% International 15-Nov-19 22-Nov-20 3 S.A., Geneva 2012 98,704 Oldendorff 5-Dec-2022 ELECTRA F $10,250 5.00% Carriers GMBH 21-Nov-19 - 3 & Co. KG, 21-Dec-20 Lbeck 2013 87,150 Uniper Global 29-Apr-2123 PHAIDRA F $9,400 5.00% Commodities 29-May-20 - 9 SE, 29-Jul-21 Dsseldorf 2013 87,146 13 Capesize Bulk Carriers Koch Shipping 1-Jan-2124 ALIKI $11,300 5.00% Pte. Ltd., 23-Apr-20 - Singapore 15-Mar-21 2005 180,235 Koch Shipping 4-Dec-2025 BALTIMORE $15,000 5.00% Pte. Ltd., 19-May-19 - Singapore 3-Apr-21 2005 177,243 SALT LAKE Cargill 5-Dec-2026 CITY $9,750 4.75% International 24-Mar-19 - 3,10 S.A., Geneva 24-Feb-21 2005 171,810 Oldendorff Carriers GMBH 3-Dec-2027 SIDERIS GS G $12,700 5.00% & Co. KG, 7-Mar-20 - 3,5 Lbeck, 31-Dec-20 Germany 2006 174,186 Cargill 2-Dec-2028 SEMIRIO G $16,000 4.75% International 30-Jun-19 - 3 S.A., Geneva 30-Dec-20 2007 174,261 Oldendorff Carriers GMBH 1-Apr-2129 BOSTON G $15,300 5.00% & Co. KG, 7-Jun-19 - Lbeck, 30-Jun-21 Germany 2007 177,828 C Transport 1-Jul-2130 HOUSTON G $12,400 5.00% Maritime 13-May-20 - Ltd., Bermuda 30-Sep-21 2009 177,729 Singapore 3-Dec-2031 NEW YORK G $15,500 5.00% Marine Pte. 7-Jun-19 - 3 LTD., 22-Jan-21 Singapore 2010 177,773 Pacbulk 1-Oct-2132 SEATTLE H $12,300 5.00% Shipping Pte. 27-Apr-20 - Ltd., 31-Dec-21 Singapore 2011 179,362 C Transport 9-Apr-2133 P. S. PALIOS H $12,050 5.00% Maritime 28-Apr-20 - Ltd., Bermuda 24-Jun-21 2013 179,134 G. P. Koch Shipping 1-Oct-2134 ZAFIRAKIS I $13,200 5.00% Pte. Ltd., 31-May-20 - Singapore 31-Dec-21 2014 179,492 Pacbulk 28-Dec-2035 SANTA I $17,250 5.00% Shipping Pte. 28-Dec-19 - BARBARA Ltd., 28-Feb-21 Singapore 2015 179,426 Cargill36 NEW ORLEANS $15,000 4.75% International 10-Apr-19 12-Nov-20 8 S.A., Geneva 2015 180,960 4 Newcastlemax Bulk Carriers Engelhart CTP 1-Oct-2137 LOS ANGELES J $14,250 5.00% Freight 6-Jun-20 - (Switzerland) 31-Dec-21 SA 2012 206,104 BHP Billiton 5-Apr-2138 PHILADELPHIA J $14,500 5.00% Freight 5-Feb-20 - Singapore 5-Jul-21 Pte. Ltd 2012 206,040 SAN Koch Shipping 10-Dec-2039 FRANCISCO K $16,000 5.00% Pte. Ltd., 5-Mar-19 - 3 Singapore 20-Jan-21 2017 208,006 SwissMarine40 NEWPORT NEWS K $16,500 5.00% Services 25-Feb-19 8-Sep-20 S.A., Geneva Koch Shipping 16-Oct-21 $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 off hire from June 11, 2020 to July 10, 2020.2 Vessel off hire for unscheduled maintenance from August 28, 2020 to September4, 2020.3 Based on latest information.4 "Arethusa" sold and delivered to her new owners on August 8, 2020.5 Vessel sold and expected to be delivered to her new Owners at the latest byJanuary 20, 2021.6 Vessel on scheduled drydocking from April 28, 2020 to July 17, 2020.7 Charter includes a one time ballast bonus payment of US$500,000.8 Currently without an active charterparty. Vessel on scheduled drydocking.9 Vessel off hire for unscheduled maintenance from July 2, 2020 to July 4,2020.10 Vessel off hire for drydocking from June 24, 2020 to August 1, 2020.

Summary of Selected Financial & Other Data (unaudited) Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) Time charter $ 42,341 $ 53,534 $ 127,076 $ 169,220 revenues Voyage expenses 2,944 3,315 10,505 9,054 Vessel operating 21,318 21,981 63,441 67,232 expenses Net income/(loss) (13,151 ) 1,770 (126,767 ) 3,446 Net income/(loss) attributed to common (14,593 ) 328 (131,094 ) (880 ) stockholdersFLEET DATA Average number of 40.4 43.8 41.1 45.9 vessels Number of vessels 40.0 43.0 40.0 43.0 Weighted average age 10.0 9.4 10.0 9.4 of vessels Ownership days 3,719 4,027 11,251 12,526 Available days 3,670 3,960 10,695 12,358 Operating days 3,572 3,938 10,410 12,255 Fleet utilization 97.3 % 99.4 % 97.3 % 99.2 %AVERAGE DAILY RESULTS Time charter equivalent (TCE) $ 10,735 $ 12,682 $ 10,900 $ 12,961 rate (1) Daily vessel operating expenses $ 5,732 $ 5,458 $ 5,639 $ 5,367 (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, November 23, 2020.

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 13712525.

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 September Nine months ended September 30, 30, 2020 2019 2020 2019 REVENUES: Time charter $ 42,341 $ 53,534 $ 127,076 $ 169,220 revenuesEXPENSES: Voyage 2,944 3,315 10,505 9,054 expenses Vessel operating 21,318 21,981 63,441 67,232 expenses Depreciation and amortization 9,399 12,113 32,682 36,841 of deferred charges General and administrative 9,463 7,137 25,748 20,782 expenses Management fees to 497 537 1,511 1,567 related party Vessel impairment 6,832 - 102,525 7,519 charges Loss on sale 7 716 1,085 2,835 of vessels Other loss/ 271 (489 ) 129 (556 ) (gain) Operating $ (8,390 ) $ 8,224 $ (110,550 ) $ 23,946 income/(loss) OTHER INCOME / (EXPENSES): Interest expense and (4,874 ) (7,206 ) (16,883 ) (22,709 ) finance costs Interest 55 754 694 2,255 income Gain on extinguishment 374 - 374 - of debt Loss from equity method (316 ) (2 ) (402 ) (46 ) investment Total other $ (4,761 ) $ (6,454 ) $ (16,217 ) $ (20,500 ) expenses, net Net income/(loss) $ (13,151 ) $ 1,770 $ (126,767 ) $ 3,446 Dividends onseries B (1,442 ) (1,442 ) (4,327 ) (4,326 )preferred sharesNet income/(loss)attributed to (14,593 ) 328 (131,094 ) (880 )commonstockholdersLoss per commonshare, basic and $ (0.17 ) $ - $ (1.53 ) $ (0.01 )dilutedWeighted averagenumber of common 85,745,586 93,359,239 85,923,171 96,934,593 shares, basic Weighted averagenumber of common 85,745,586 94,274,398 85,923,171 96,934,593 shares, diluted Three months ended September Nine months ended September 30, 30, 2020 2019 2020 2019 Net income/(loss) $ (13,151 ) $ 1,770 $ (126,767 ) $ 3,446 Othercomprehensive (6 ) (9 ) (20 ) (27 )loss (Actuarialloss)Comprehensive $ (13,157 ) $ 1,761 $ (126,787 ) $ 3,419 income/(loss)

CONDENSED CONSOLIDATED BALANCE SHEET DATA(in thousands of U.S. Dollars) September 30, December 31, 2020 2019*ASSETS (unaudited) Cash, cash equivalents and restricted $ 90,386 $ 128,288cashOther current assets 35,455 29,751Vessels, net 731,433 882,297Other fixed assets, net 21,736 22,077Investments in related parties 28 1,680Other non-current assets 9,290 7,187 Total assets $ 888,328 $ 1,071,280 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term debt, net of deferred $ 430,890 $ 474,951financing costsOther liabilities 20,965 26,265Total stockholders' equity 436,473 570,064 Total liabilities and stockholders' $ 888,328 $ 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 Nine months ended September 30, September 30, 2020 2019 2020 2019 Net cash provided by/(used in) operating $ (430 ) $ 11,523 $ 11,307 $ 44,475 activitiesNet cash provided by 13,862 12,244 11,598 32,384 investing activitiesNet cash used in $ (24,736 ) $ (18,914 ) $ (60,807 ) $ (78,912 )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