GlobeNewswire Inc | Jul 27, 2020 08:34AM EDT

July 27, 2020

ATHENS, Greece, July 27, 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 $10.8 million and a net loss attributed to common stockholders of $12.2 million for the second quarter of 2020, including a $2.6 million impairment loss. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the second quarter of 2019.

Time charter revenues were $41.0 million for the second quarter of 2020, compared to $55.4 million for the same period of 2019. The decrease in time charter revenues was mainly due to decreased revenues due to the sale of six vessels in 2019 and one vessel 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 six months ended June 30, 2020 amounted to $113.6 million and net loss attributed to common stockholders amounted to $116.5 million, including a $95.7 million impairment loss and $1.1 million loss from sale of vessels. This compares to net income of $1.7 million and net loss attributed to common stockholders of $1.2 million for the first half of 2019. Time charter revenues were $84.7 million for the first half of 2020, compared to $115.7 million for the same period of 2019.

Fleet Employment Profile (As of July 24, 2020) 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)

14 Panamax Bulk Carriers Phaethon 9-Jan-21 -1 OCEANIS $9,200 5.00 % International 9-Jan-20 24-Mar-21 Company AG 2001 75,211 Phaethon 1-Jan-21 -2 PROTEFS A $9,900 5.00 % International 30-Nov-19 31-Mar-21 1,2 Company AG 2004 73,630 3 CALIPSO A $4,750 5.00 % Uniper Global 13-Apr-20 28-May-20 3 Commodities 15-Oct-20 $8,250 5.00 % SE, 28-May-20 - Dsseldorf 31-Dec-20 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 Ausca5 ARETHUSA A $9,150 5.00 % Shipping 2-May-19 26-May-20 Limited, Hong Kong Oldendorff $5,500 5.00 % GmbH & Co. 1-Jun-20 26-Jul-20 4,5 KG, Luebeck 2007 73,593 Koch Shipping 5-Nov-20 -6 CORONIS $8,000 5.00 % Pte. Ltd., 20-Feb-20 4-Jan-21 Singapore 2006 74,381 Cargill7 MELIA $10,750 4.75 % International 13-Feb-20 28-Apr-20 6,7,8 S.A., Geneva 2005 76,225 Koch Shipping 13-Aug-208 ARTEMIS $10,150 5.00 % Pte. Ltd., 28-Nov-19 - Singapore 28-Oct-20 2006 76,942 Uniper Global9 LETO $13,000 5.00 % Commodities 31-May-19 21-May-20 SE, Dsseldorf Cargill 15-Jul-21 $9,000 4.75 % International 21-May-20 - S.A., Geneva 30-Sep-21 2010 81,297 Cargill10 SELINA B $4,750 4.75 % International 27-Mar-20 20-May-20 9 S.A., Geneva ST Shipping $11,000 5.00 % and Transport 5-Jul-20 5-Jul-21 - Pte. Ltd., 5-Sep-21 Singapore 2010 75,700 Glencore11 MAERA B $9,450 5.00 % Agriculture 27-Mar-19 11-Jun-20 B.V., Rotterdam Ausca $8,600 5.00 % Shipping 11-Jun-20 1-Jul-21 - Limited, Hong 30-Sep-21 Kong 2013 75,403 Phaethon 10-Feb-2112 ISMENE $10,800 5.00 % International 10-Jan-20 - Company AG 25-Apr-21 2013 77,901 13 CRYSTALIA C $10,500 5.00 % Glencore 2-Mar-19 22-May-20 Agriculture B.V., 1-Jul-21 - $8,750 5.00 % Rotterdam 22-May-20 30-Sep-21

2014 77,525 14 ATALANDI C $12,250 5.00 % Uniper Global 9-Jul-19 14-Jun-20 Commodities 14-Jul-21 $9,300 5.00 % SE, 14-Jun-20 - Dsseldorf 14-Oct-21 2014 77,529 5 Kamsarmax Bulk Carriers Aquavita 31-Mar-2115 MAIA D $11,200 5.00 % International 31-Jan-20 - S.A. 15-Jun-21 2009 82,193 Ausca16 MYRSINI D $11,500 5.00 % Shipping 4-Dec-19 4-Jan-21 - 10 Limited, Hong 19-Mar-21 Kong 2010 82,117 Cargill 1-Oct-20 -17 MEDUSA D $11,000 4.75 % International 16-Nov-19 16-Dec-20 S.A., Geneva 2010 82,194 18 MYRTO D $14,000 4.75 % Cargill 18-Jul-19 3-Apr-20 $10,000 4.75 % International 3-Apr-20 1-Jul-21 - S.A., Geneva 15-Sep-21 2013 82,131 Aquavita 18-Mar-2119 ASTARTE $11,750 5.00 % International 18-Jan-20 - 2-Jun-21 S.A. 2013 81,513 5 Post-Panamax Bulk Carriers20 ALCMENE $4,000 4.75 % Cargill 2-Apr-20 1-Jun-20 $8,500 4.75 % International 1-Jun-20 17-Apr-21 S.A., Geneva - 2-Jul-21 2010 93,193 SwissMarine 6-Apr-21 -21 AMPHITRITE E $10,250 5.00 % Pte. Ltd., 21-Mar-20 21-Jun-21 Singapore 2012 98,697 Cargill 15-Oct-2022 POLYMNIA E $11,000 4.75 % International 15-Nov-19 - S.A., Geneva 30-Dec-20 2012 98,704 Oldendorff 21-Oct-2023 ELECTRA F $10,250 5.00 % Carriers GMBH 21-Nov-19 - & Co. KG, 21-Dec-20 Lbeck 2013 87,150 24 PHAIDRA F $10,800 5.00 % Uniper Global 11-Apr-19 29-May-20 Commodities 29-Apr-21 $9,400 5.00 % SE, 29-May-20 - 11 Dsseldorf 29-Jul-21 2013 87,146 13 Capesize Bulk Carriers Koch Shipping 1-Jan-21 -25 ALIKI $11,300 5.00 % Pte. Ltd., 23-Apr-20 15-Mar-21 12 Singapore 2005 180,235 Koch Shipping 4-Dec-20 -26 BALTIMORE $15,000 5.00 % Pte. Ltd., 19-May-19 3-Apr-21 13 Singapore 2005 177,243 SALT LAKE Cargill 24-Nov-2027 CITY $9,750 4.75 % International 24-Mar-19 - 14 S.A., Geneva 24-Feb-21 2005 171,810 Oldendorff Carriers GMBH 15-Oct-2028 SIDERIS GS G $12,700 5.00 % & Co. KG, 7-Mar-20 - Lbeck, 31-Dec-20 Germany 2006 174,186 Cargill 30-Sep-2029 SEMIRIO G $16,000 4.75 % International 30-Jun-19 - S.A., Geneva 30-Dec-20 2007 174,261 Oldendorff Carriers GMBH 1-Apr-21 -30 BOSTON G $15,300 5.00 % & Co. KG, 7-Jun-19 30-Jun-21 Lbeck, Germany 2007 177,828 Koch Shipping31 HOUSTON G $10,125 5.00 % Pte. Ltd., 17-Feb-19 12-Apr-20 Singapore $6,250 5.00 % C Transport 13-Apr-20 13-May-20 $12,400 5.00 % Maritime 13-May-20 1-Jul-21 - Ltd., Bermuda 30-Sep-21 2009 177,729 Singapore32 NEW YORK G $15,500 5.00 % Marine Pte. 7-Jun-19 7-Nov-20 - 15 LTD., 22-Jan-21 Singapore 2010 177,773 SwissMarine33 SEATTLE H $16,000 5.00 % Services 24-Dec-18 24-Apr-20 S.A., Geneva Pacbulk $12,300 5.00 % Shipping Pte. 27-Apr-20 1-Oct-21 - Ltd., 31-Dec-21 Singapore 2011 179,36234 P. S. PALIOS H $6,000 5.00 % C Transport 24-Mar-20 28-Apr-20 $12,050 5.00 % Maritime 28-Apr-20 9-Apr-21 - Ltd., Bermuda 24-Jun-21 2013 179,134 G. P. SwissMarine35 ZAFIRAKIS I $17,000 5.00 % Services 31-Dec-18 31-May-20 S.A., Geneva Koch Shipping 1-Oct-21 - $13,200 5.00 % Pte. Ltd., 31-May-20 31-Dec-21 Singapore 2014 179,492 Pacbulk 28-Dec-2036 SANTA I $17,250 5.00 % Shipping Pte. 28-Dec-19 - BARBARA Ltd., 28-Feb-21 Singapore 2015 179,426 Cargill 10-Aug-2037 NEW ORLEANS $15,000 4.75 % International 10-Apr-19 - 16 S.A., Geneva 25-Nov-20 2015 180,960 4 Newcastlemax Bulk Carriers SwissMarine38 LOS ANGELES J $13,250 5.00 % Services 6-Mar-19 6-Jun-20 S.A., Geneva Engelhart CTP $14,250 5.00 % Freight 6-Jun-20 1-Oct-21 - (Switzerland) 31-Dec-21 SA 2012 206,104 BHP Billiton39 PHILADELPHIA J $14,500 5.00 % Freight 5-Feb-20 5-Apr-21 - Singapore 5-Jul-21 Pte. Ltd 2012 206,040 SAN Koch Shipping 5-Oct-20 -40 FRANCISCO K $16,000 5.00 % Pte. Ltd., 5-Mar-19 20-Jan-21 Singapore 2017 208,006 SwissMarine 15-Aug-2041 NEWPORT NEWS K $16,500 5.00 % Services 25-Feb-19 - 16 S.A., Geneva 25-Sep-20 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.**** 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 for unscheduled maintenance from April 28, 2020 to May 6,2020.2 Vessel off hire from June 11, 2020 to July 10, 2020.3 Vessel on scheduled drydocking from March 9, 2020 to April 13, 2020.4 Redelivery date based on an estimated time charter trip duration of about 53days.5 Vessel sold and expected to be delivered to her new owners at the latest byAugust 31, 20206 Charter included a one-time gross ballast bonus payment of US$107,500.7 Currently without an active charterparty.8 Vessel on scheduled drydocking from April 28, 2020 to July 17, 2020.9 Vessel on scheduled drydocking from May 20, 2020 to June 23, 2020.10 Vessel off hire for drydocking from March 16, 2020 to May 17, 2020.11 Vessel off hire for unscheduled maintenance from July 2, 2020 to July 4,2020.12 Vessel on scheduled drydocking from January 23, 2020 to April 15, 2020.13 Vessel off hire for drydocking for about 40.8 days.14 Vessel currently off hire for drydocking.15 Vessel off hire for drydocking from February 18, 2020 to April 27, 2020.16 Based on latest information.

Summary of Selected Financial & Other Data (unaudited) Three months ended June Six months ended June 30, 30, 2020 2019 2020 2019 STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) Time charter $ 40,975 $ 55,385 $ 84,735 $ 115,686 revenues Voyage expenses 3,827 2,966 7,561 5,739 Vessel operating 20,806 22,892 42,123 45,251 expenses Net income/(loss) (10,794 ) (1,299 ) (113,617 ) 1,676 Net loss attributed to common (12,236 ) (2,741 ) (116,501 ) (1,208 ) stockholdersFLEET DATA Average number of 41.0 45.9 41.4 47.0 vessels Number of vessels 41.0 45.0 41.0 45.0 Weighted average age 9.5 9.3 9.5 9.3 of vessels Ownership days 3,731 4,179 7,532 8,499 Available days 3,507 4,122 7,025 8,398 Operating days 3,446 4,054 6,838 8,317 Fleet utilization 98.3 % 98.4 % 97.3 % 99.0 %AVERAGE DAILY RESULTS Time charter equivalent (TCE) $ 10,593 $ 12,717 $ 10,986 $ 13,092 rate (1) Daily vessel operating expenses $ 5,577 $ 5,478 $ 5,593 $ 5,324 (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, July 27, 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 13706603.

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 June 30, Six months ended June 30, 2020 2019 2020 2019 REVENUES: Time charter $ 40,975 $ 55,385 $ 84,735 $ 115,686 revenuesEXPENSES: Voyage 3,827 2,966 7,561 5,739 expenses Vessel operating 20,806 22,892 42,123 45,251 expenses Depreciation and amortization 11,737 12,279 23,284 24,728 of deferred charges General and administrative 6,739 6,110 16,285 13,645 expenses Management fees to 497 518 1,014 1,030 related party Impairment 2,556 2,769 95,693 7,519 loss Loss from sale - 2,118 1,078 2,118 of vessels Other loss/ 99 (7 ) (142 ) (67 ) (gain) Operating $ (5,286 ) $ 5,740 $ (102,161 ) $ 15,723 income/(loss) OTHER INCOME / (EXPENSES): Interest and (5,655 ) (7,799 ) (12,009 ) (15,503 ) finance costs Interest 203 785 639 1,501 income Loss from equity method (56 ) (25 ) (86 ) (45 ) investment Total other $ (5,508 ) $ (7,039 ) $ (11,456 ) $ (14,047 ) expenses, net Net income/(loss) $ (10,794 ) $ (1,299 ) $ (113,617 ) $ 1,676 Dividends onseries B (1,442 ) (1,442 ) (2,884 ) (2,884 )preferred sharesNet lossattributed to (12,236 ) (2,741 ) (116,501 ) (1,208 )commonstockholdersLoss per commonshare, basic and $ (0.14 ) $ (0.03 ) $ (1.35 ) $ (0.01 )dilutedWeighted averagenumber of common 85,552,271 96,870,527 86,012,939 98,751,900 shares, basic anddiluted Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Net income/(loss) $ (10,794 ) $ (1,299 ) $ (113,617 ) $ 1,676 Othercomprehensive (6 ) (9 ) (13 ) (18 )loss (Actuarialloss)Comprehensive $ (10,800 ) $ (1,308 ) $ (113,630 ) $ 1,658 income/(loss)

CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands of U.S. Dollars) June 30, December 31, 2019 2020 *ASSETS (unaudited) Cash, cash equivalents and restricted cash $ 101,690 $ 128,288Other current assets 28,535 29,751Vessels, net 763,533 882,297Other fixed assets, net 21,908 22,077Investments in related parties 94 1,680Other non-current assets 9,403 7,187 Total assets $ 925,163 $ 1,071,280 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term debt, net of deferred financing $ 454,275 $ 474,951costsOther liabilities 23,834 26,265Total stockholders' equity 447,054 570,064 Total liabilities and stockholders' $ 925,163 $ 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 June Six months ended June 30, 30, 2020 2019 2020 2019 Net cash provided by $ 4,447 $ 14,830 $ 11,737 $ 32,952 operating activitiesNet cash provided by/(used in) investment (1,100 ) 17,140 (2,264 ) 20,140 activitiesNet cash used in $ (12,857 ) $ (23,925 ) $ (36,071 ) $ (59,998 )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